UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported) April 24, 2015

 

Domino’s Pizza, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

(State or Other Jurisdiction of Incorporation or Organization)

 

 

001-32242

38-2511577

(Commission File Number)

(IRS Employer Identification No.)

 

 

30 Frank Lloyd Wright Drive

Ann Arbor, Michigan

48105

(Address of Principal Executive Offices)

(Zip Code)

Registrant's telephone number, including area code (734) 930-3030

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 


Item 7.01. Regulation FD Disclosure.

The document attached hereto as Exhibit 99.1 is a copy of a report provided by Domino’s Pizza, Inc. (the “Company”) to holders of the Series 2012-1 5.216% Fixed Rate Senior Secured Notes, Class A-2 of Domino’s Pizza Master Issuer LLC, a subsidiary of the Company.  The information in this Form 8-K and the Exhibit attached hereto are being furnished pursuant to Item 7.01 of Form 8-K and therefore shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.

Item 9.01. Financial Statements and Exhibits.

(d)

Exhibits.

 

Exhibit

Number

 

Description

 

99.1

 

Domino’s Pizza Master Issuer LLC Quarterly Noteholders’ Statement for the first quarter of 2015.

 

 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

DOMINO’S PIZZA, INC.

 

 

 

(Registrant)

 

 

 

 

Date: April 24, 2015

 

/s/ Michael T. Lawton

 

 

 

Michael T. Lawton

Chief Financial Officer

 

 



Exhibit 99.1

Domino's Pizza Master Issuer LLC

Domino's SPV Canadian Holding Company Inc.

Domino's Pizza Distribution LLC

Domino's IP Holder LLC

Quarterly Noteholders' Statement

 

Quarterly Collection Period Starting:

 

December 29, 2014

Quarterly Collection Period Ending:

 

March 22, 2015

Quarterly Payment Date:

 

April 27, 2015

 

Debt Service Coverage Ratios and Senior ABS Leverage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior ABS Leverage

 

 

Quarterly DSCR

 

 

Current Period

 

 

 

3.92

x

 

 

4.23

x

 

One Period Prior

 

 

 

4.21

x

 

 

3.94

x

 

Two Periods Prior

 

 

 

4.36

x

 

 

3.70

x

 

Three Periods Prior

 

 

 

4.47

x

 

 

3.81

x

 

 

System Performance

 

 

 

 

Domestic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise

 

 

Company-Owned

 

 

Total Domestic

 

 

Open Stores at end of prior Quarterly Collection Period

 

 

4,690

 

 

 

377

 

 

 

5,067

 

 

Store Openings during Quarterly Collection Period

 

 

20

 

 

 

2

 

 

 

22

 

 

Store Transfers during Quarterly Collection Period

 

 

 

 

 

 

 

 

 

 

Permanent Store Closures during Quarterly Collection Period

 

 

(5

)

 

 

 

 

 

(5

)

 

Net Change in Open Stores during Quarterly Collection Period

 

 

15

 

 

 

2

 

 

 

17

 

 

Open Stores at end of Quarterly Collection Period

 

 

4,705

 

 

 

379

 

 

 

5,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise

 

 

Company-Owned

 

 

Total International

 

 

Open Stores at end of prior Quarterly Collection Period

 

 

6,562

 

 

 

 

 

 

6,562

 

 

Store Openings during Quarterly Collection Period

 

 

140

 

 

 

 

 

 

140

 

 

Permanent Store Closures during Quarterly Collection Period

 

 

(47

)

 

 

 

 

 

(47

)

 

Net Change in Open Stores during Quarterly Collection Period

 

 

93

 

 

 

 

 

 

93

 

 

Open Stores at end of Quarterly Collection Period

 

 

6,655

 

 

 

 

 

 

6,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise

 

 

Company-Owned

 

 

International

 

 

Same-Store Sales Growth for Quarterly Collection Period

 

 

14.4

%

 

 

15.9

%

 

 

7.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Potential Events

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Material Concern

 

 

i. Potential Rapid Amortization Event

 

 

No

 

 

ii. Potential Manager Termination Event

 

 

No

 


 

Cash Trapping

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of

 

 

Commenced

 

Commencement

 

i. a. Partial Cash Trapping Period

 

No

 

N/A

 

b. Full Cash Trapping Period

 

No

 

N/A

 

ii. Series 2012-1 Cash Trapping Percentage during Quarterly Collection Period

 

 

 

N/A

 

iii. Series 2012-1 Cash Trapping Percentage following current Quarterly Payment Date

 

 

 

N/A

 

iv. Series 2012-1 Cash Trapping Percentage during prior Quarterly Collection Period

 

 

 

N/A

 

v. Series 2012-1 Partial Cash Trapping Release Event

 

 

 

N/A

 

vi. Series 2012-1 Full Cash Trapping Release Event

 

 

 

N/A

 

Occurrence Dates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of

 

 

Commenced

 

Commencement

 

i. Rapid Amortization Event

 

No

 

N/A

 

ii. Default

 

No

 

N/A

 

iii. Event of Default

 

No

 

N/A

 

iv. Manager Termination Event

 

No

 

N/A

 

Non-Amortization Test

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of

 

 

Commenced

 

Commencement

 

i. Non-Amortization Period

 

Yes

 

January 26, 2015

 

Extension Periods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of

 

 

Commenced

 

Commencement

 

i. Series 2012-1 Class A-1 first renewal period

 

No

 

N/A

 

ii. Series 2012-1 Class A-1 second renewal period

 

No

 

N/A


 

Allocation of Funds

 

1. Outstanding Notes and Reserve Account Balances as of Prior Quarterly Payment Date:

 

 

 

 

 

i. Outstanding Principal Balances

 

 

 

 

 

 

a. Advances Under Series 2012-1 Class A-1 Notes

 

$

 

 

 

b. Series 2012-1 Class A-2 Notes

 

$

1,521,843,750.00

 

 

 

c. Senior Subordinated Notes

 

$

 

 

 

d. Subordinated Notes

 

$

 

 

ii. Reserve Account Balances

 

 

 

 

 

 

a. Available Senior Notes Interest Reserve Account Amount (1)

 

$

20,777,917.51

 

 

 

b. Available Senior Subordinated Notes Interest Reserve Account Amount

 

$

 

 

 

c. Available Cash Trap Reserve Account Amount (1)

 

$

 

2. Retained Collections for Current Quarterly Payment Date:

 

 

 

 

 

i. Franchisee Payments

 

 

 

 

 

 

a. Domestic Continuing Franchise Fees

 

$

115,107,392.63

 

 

 

b. International Continuing Franchise Fees

 

$

34,782,661.46

 

 

 

c. Initial Franchise Fees

 

$

 

 

 

d. Other Franchise Fees

 

$

 

 

 

e. PULSE Maintenance Fees

 

$

3,784,969.93

 

 

 

f. PULSE License Fees

 

$

275,606.70

 

 

 

g. Technology Fees

 

 

4,495,394.63

 

 

 

h. Franchisee Insurance Proceeds

 

$

 

 

 

i. Other Franchisee Payments

 

$

 

 

ii. Company-Owned Stores License Fees

 

$

4,962,199.45

 

 

iii. Third-Party License Fees

 

$

 

 

iv. Product Purchase Payments

 

$

338,906,106.03

 

 

v. Co-Issuers Insurance Proceeds

 

$

 

 

vi. Asset Disposition Proceeds

 

$

 

 

vii. Excluded Amounts

 

$

1,702,875.81

 

 

viii. Other Collections

 

$

150,261.00

 

 

ix. Investment Income

 

$

6,289.87

 

 

x. HoldCo L/C Agreement Fee Income

 

$

91,392.36

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

xiii. Excluded Amounts

 

$

61,497,279.74

 

 

 

a. Advertising Fees

 

$

59,794,403.93

 

 

 

b. Company-Owned Store Advertising Fees

 

$

 

 

 

c. Third-Party Matching Expenses

 

$

1,702,875.81

 

 

xiv. Product Purchase Payments

 

$

338,906,106.03

 

 

xiv. Bank Account Expenses

 

$

38,102.61

 

 

 

Plus:

 

 

 

 

 

xvi. Aggregate Weekly Distributor Profit Amount

 

$

24,533,361.06

 

 

xvii. Retained Collections Contributions

 

$

 

 

xviii. Total Retained Collections

 

$

128,357,022.55

 

3. Adjusted Net Cash Flow for Current Quarterly Payment Date:

 

 

i. Retained Collections for Quarterly Collection Period

 

$

128,357,022.55

 

 

 

Less:

 

 

 

 

 

ii. Servicing Fees, Liquidation Fees and Workout Fees

 

$

78,296.94

 

 

iii. Securitization Entities Operating Expenses paid during Quarterly Collection Period

 

$

7,469.00

 

 

iv. Weekly Manager Fee Amounts paid during Quarterly Collection Period

 

$

13,309,267.92

 

 

v. Manager Advances Reimbursement Amounts

 

$

 

 

vi. PULSE Maintenance Fees

 

$

3,784,969.93

 

 

vii. Technology Fees

 

$

4,495,394.63

 

 

viii. Administrative Expenses

 

$

25,000.00

 

 

vix. Investment Income

 

$

6,289.87

 

 

vx. Retained Collections Contributions, if applicable, received during Quarterly Collection Period

 

$

 

 

viii. Net Cash Flow for Quarterly Collection Period

 

$

106,650,334.26

 

 

ix. Net Cash Flow for Quarterly Collection Period / Number of Days in Quarterly Collection Period

 

$

1,269,646.84

 

 

x. Multiplied by 91 if 52 week fiscal year or 92.75 if 53 week fiscal year

 

 

93

 

 

xi. Adjusted Net Cash Flow for Quarterly Collection Period

 

$

117,759,744.08

 

 

1. Amounts calculated as of the close of business on the last Business Day of the preceding Quarterly Collection Period.

 


 

4. Debt Service / Payments to Noteholders for Current Quarterly Payment Date:

 

 

 

 

 

i. Required Interest on Senior and Senior Subordinated Notes

 

 

 

 

 

 

 

 

Series 2012-1 Class A-1 Quarterly Interest

 

$

73,488.22

 

 

 

 

 

Series 2012-1 Class A-2 Quarterly Interest

 

$

19,844,842.50

 

 

 

 

 

Series 2012-1 Senior Subordinated Quarterly Interest

 

$

 

 

ii. Required Principal on Senior and Senior Subordinated Notes

 

 

 

 

 

 

 

 

Series 2012-1 Class A-2 Quarterly Scheduled Principal

 

$

7,875,000.00

 

 

 

 

 

Series 2012-1 Senior Subordinated Scheduled Principal

 

$

 

 

iii. Other

 

 

 

 

 

 

 

 

Series 2012-1 Class A-1 Quarterly Commitment Fees

 

$

72,987.07

 

 

iv. Total Debt Service

 

$

27,866,317.79

 

 

v. Other Payments to Noteholders Relating to Notes

 

 

 

 

 

 

 

 

Series 2012-1 Subordinated Quarterly Interest

 

$

 

 

 

 

 

Series 2012-1 Subordinated Quarterly Scheduled Principal

 

$

 

 

 

 

 

Series 2012-1 Class A-1 Quarterly Contingent Additional Interest

 

$

 

 

 

 

 

Series 2012-1 Class A-2 Quarterly Contingent Additional Interest

 

$

 

 

 

 

 

Senior Subordinated Quarterly Contingent Additional Interest

 

$

 

 

 

 

 

Subordinated Quarterly Contingent Additional Interest

 

$

 

5. Aggregate Weekly Allocations to Distribution Accounts for Current Quarterly Payment Date:

 

 

 

 

 

i. All available deposits in Series 2012-1 Class A-1 Distribution Account

 

$

171,475.29

 

 

ii. All available deposits in Series 2012-1 Class A-2 Distribution Account

 

$

19,844,842.50

 

 

iii. All available deposits in Senior Subordinated Distribution Account

 

$

 

 

iv. All available deposits in Subordinated Distribution Account

 

$

 

 

v. Total on Deposit in Distribution Accounts

 

$

20,016,317.79

 

6. Distributions for Current Quarterly Payment Date:

 

 

 

 

 

Series 2012-1 Class A-1 Distribution Account

 

 

 

 

 

i. Payment of interest and fees related to Series 2012-1 Class A-1 Notes

 

$

171,475.29

 

 

ii. Indemnification and Real Estate Disposition Proceeds Payments to reduce commitments under Series 2012-1 Class A-1 Notes

 

$

 

 

iii. Principal payments to Series 2012-1 Class A-1 Notes

 

$

 

 

iv. Payment of Series 2012-1 Class A-1 Notes Breakage Amounts

 

$

 

 

Series 2012-1 Class A-2 Distribution Account

 

 

 

 

 

i. Payment of interest related to Series 2012-1 Class A-2 Notes

 

$

19,844,842.50

 

 

ii. Indemnification and Real Estate Disposition Proceeds payments to Series 2012-1 Class A-2 Notes

 

$

 

 

iii. Principal payment to Series 2012-1 Class A-2 Notes

 

$

 

 

iv. Make-Whole Premium related to Series 2012-1 Class A-2 Notes

 

$

 

 

Senior Subordinated Distribution Account

 

 

 

 

 

i. Payment of interest related to Senior Subordinated Notes

 

$

 

 

ii. Indemnification and Real Estate Disposition Proceeds payments to Senior Subordinated Notes

 

$

 

 

iii. Principal payment to Senior Subordinated Notes

 

$

 

 

iv. Make-Whole Premium related to Senior Subordinated Notes

 

$

 

 

Subordinated Distribution Account

 

 

 

 

 

i. Payment of interest related to Subordinated Notes

 

$

 

 

ii. Indemnification and Real Estate Disposition Proceeds payments to Subordinated Notes

 

$

 

 

iii. Principal payment to Subordinated Notes

 

$

 

 

iv. Make-Whole Premium related to Subordinated Notes

 

$

 

 

 

Total Allocations from Distribution Accounts

 

$

20,016,317.79

 


 

7. Senior Notes Interest Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date:

 

 

 

 

 

i. Deposits into Senior Notes Interest Reserve Account during Quarterly Collection Period

 

$

6,075.00

 

 

ii. Less draws on / releases from Available Senior Notes Interest Reserve Account Amount

 

$

 

 

iii. Total Increase (Reduction) of Available Senior Notes Interest Reserve Account Amount

 

$

6,075.00

 

8. Senior Subordinated Notes Interest Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date:

 

 

 

 

 

i. Deposits into Senior Subordinated Notes Interest Reserve Account during Quarterly Collection Period

 

$

 

 

ii. Less draws on Available Senior Subordinated Notes Interest Reserve Account Amount

 

$

 

 

iii. Total Increase (Reduction) of Available Senior Subordinated Notes Interest Reserve Account Amount

 

$

 

9. Cash Trap Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date:

 

 

 

 

 

i. Deposits into Cash Trap Reserve Account during Quarterly Collection Period

 

$

 

 

ii. Less draws on Available Cash Trap Reserve Account Amount

 

$

 

 

iii. Less Cash Trapping Release Amount

 

$

 

 

iv. Total Increase (Reduction) of Available Cash Trap Reserve Account Amount

 

$

 

10. Real Estate Disposition Proceeds

 

 

 

 

 

i.  Aggregate Real Estate Disposition Proceeds as of Prior Quarterly Payment Date

 

$

 

 

ii. Aggregate Real Estate Disposition Proceeds as of Current Quarterly Payment Date

 

$

 

11. Scheduled Principal Catch-Up Amounts

 

 

 

 

 

i.  Series 2012-1 Class A-2 aggregate Scheduled Principal Catch-Up Amounts as of Prior Quarterly Payment Date

 

$

 

 

ii. Series 2012-1 Class A-2 aggregate Scheduled Principal Catch-Up Amounts as of Current Quarterly Payment Date

 

$

7,875,000.00

 

12. Outstanding Balances as of Current Quarterly Payment Date (after giving effect to payments to be made on such date):

 

 

 

 

 

i. Series 2012-1 Class A-1 Notes

 

$

44,095,014.00

 

 

ii. Series 2012-1 Class A-2 Notes

 

$

1,521,843,750.00

 

 

iii. Senior Subordinated Notes

 

$

 

 

iv. Subordinated Notes

 

$

 

 

v. Reserve account balances:

 

 

 

 

 

 

a. Available Senior Notes Interest Reserve Account Amount

 

$

20,783,992.51

 

 

 

b. Available Senior Subordinate Notes Interest Reserve Account Amount

 

$

 

 

 

c. Available Cash Trap Reserve Account Amount

 

$

 

 

IN WITNESS HEREOF, the undersigned has duly executed and delivered this Quarterly Noteholders' Statement this April 23, 2015.

 

 

 

 

 

 

 

 

 

 

 

Domino's Pizza LLC as Manager on behalf of the Master Issuer and certain subsidiaries thereto,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

by:

 

 

 

 

 

 

 

Jeffrey D. Lawrence - Treasurer

 

 

 

 

 

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