{"id":538228,"date":"2021-09-14T16:33:21","date_gmt":"2021-09-14T20:33:21","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/papa-johns-international-inc-successfully-completes-senior-notes-offering-and-refinancing-of-revolving-credit-facility-further-strengthening-and-aligning-capital-structure-with-strong-grow\/"},"modified":"2021-09-14T16:33:21","modified_gmt":"2021-09-14T20:33:21","slug":"papa-johns-international-inc-successfully-completes-senior-notes-offering-and-refinancing-of-revolving-credit-facility-further-strengthening-and-aligning-capital-structure-with-strong-grow","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/papa-johns-international-inc-successfully-completes-senior-notes-offering-and-refinancing-of-revolving-credit-facility-further-strengthening-and-aligning-capital-structure-with-strong-grow\/","title":{"rendered":"Papa John\u2019s International, Inc. Successfully Completes Senior Notes Offering and Refinancing of Revolving Credit Facility, Further Strengthening and Aligning Capital Structure With Strong Growth Outlook and Cash-Generating Potential"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Papa John\u2019s International, Inc. Successfully Completes Senior Notes Offering and Refinancing of Revolving Credit Facility, Further Strengthening and Aligning Capital Structure With Strong Growth Outlook and Cash-Generating Potential<\/b><\/p>\n<p class=\"bwalignc\">\nOffering of $400 Million Aggregate Principal Amount of Senior Notes Due 2029, Issued at Par With 3.875% Coupon\n<\/p>\n<p class=\"bwalignc\">\nRevolving Credit Facility Amended and Increased to $600 Million, Extended for Additional Five-Year Term\n<\/p>\n<p>LOUISVILLE, Ky.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nPapa John\u2019s International, Inc. (NASDAQ:PZZA) announced today that it has successfully completed its previously announced senior notes offering and the refinancing of its revolving credit facility, providing the Company with enhanced financial flexibility and additional liquidity. The transaction marks another significant step toward strengthening and aligning Papa John\u2019s balance sheet and capital allocation priorities with its improving growth outlook and cash-generation potential.\n<\/p>\n<p>\nThe Company closed its previously announced offering of $400 million aggregate principal amount of 3.875% senior notes due 2029 (the \u201cNotes\u201d) in a private transaction exempt from the registration requirements of the Securities Act of 1933, as amended. The Notes are guaranteed by each of Papa John\u2019s domestic restricted subsidiaries that are guarantors or borrowers under its Amended Credit Agreement (as defined below).\n<\/p>\n<p>\nConcurrently with the closing of the offering of the Notes, Papa John\u2019s amended and restated its existing credit agreement (the \u201cAmended Credit Agreement\u201d) with JPMorgan Chase Bank, Inc., as administrative agent, and the other lenders party thereto. Pursuant to the Amended Credit Agreement, Papa John\u2019s revolving credit facility has been increased to an aggregate principal amount of $600 million and the maturity has been extended for an additional five-year term.\n<\/p>\n<p>\nThe net proceeds from the offering of the Notes, together with borrowings under the amended revolving credit facility, were used to repay outstanding borrowings under the Company\u2019s existing revolving credit facility and term loan facility and to pay all related fees and expenses.\n<\/p>\n<p>\n\u201cAs Papa John\u2019s has transformed itself into an innovation-driven, growth brand, we have also made progress aligning our balance sheet and capital allocation priorities to support and accelerate our positive outlook,\u201d said Ann Gugino, Papa John\u2019s Chief Financial Officer. \u201cWe are committed to a balanced approach, having significantly increased growth investments and capital returns to shareholders over the past year, as well as simplifying our balance sheet. This refinancing locks in attractive interest rates for the long term, while maintaining an efficient cost of capital.\u201d\n<\/p>\n<p>\nOver the past 12 months Papa John\u2019s other significant steps to optimize its financial policies and capital allocation priorities, in addition to the refinancing, include:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nSignificantly increasing investments in high-return organic growth opportunities, including new Company-owned stores and technology;\n<\/li>\n<li>\nConverting and repurchasing the Company\u2019s Series B Convertible Preferred Stock, thus simplifying the balance sheet, reducing the Company\u2019s cost of capital and gaining flexibility for the future; and\n<\/li>\n<li>\nRaising the annual dividend rate 56% to $1.40 per share, approximately in line with the median yield for the S&amp;P 500, and authorizing a $75 million share repurchase program.\n<\/li>\n<\/ul>\n<p>\nThis press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.\n<\/p>\n<p><b>About Papa John\u2019s<\/b><\/p>\n<p>\nPapa John\u2019s International, Inc. (NASDAQ:PZZA) opened its doors in 1984 with one goal in mind: BETTER INGREDIENTS. BETTER PIZZA.<sup>\u00ae<\/sup> Papa John\u2019s believes that using high quality ingredients leads to superior quality pizzas. Its original dough is made of only six ingredients and is fresh, never frozen. Papa John\u2019s tops its pizzas with real cheese made from mozzarella, pizza sauce made with vine-ripened tomatoes that go from vine to can in the same day and meat free of fillers. It was the first national pizza delivery chain to announce the removal of artificial flavors and synthetic colors from its entire food menu. Papa John\u2019s is headquartered in Louisville, Ky. and is the world\u2019s third largest pizza delivery company with more than 5,500 restaurants in 49 countries and territories as of June 28, 2021. For more information about the Company or to order pizza online, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.PapaJohns.com&amp;esheet=52491808&amp;newsitemid=20210914006135&amp;lan=en-US&amp;anchor=www.PapaJohns.com&amp;index=1&amp;md5=ca32e27ef1ab89c59c65397027618a12\">www.PapaJohns.com<\/a> or download the Papa John\u2019s mobile app for iOS or Android.\n<\/p>\n<p><b>Forward-Looking Statements<\/b><\/p>\n<p>\nPapa John\u2019s cautions that this press release contains forward-looking statements, including, without limitation, statements regarding the Company\u2019s business performance, capital allocation and financing strategies. These forward-looking statements are based on management\u2019s current expectations and involve a number of risks and uncertainties, including, among other things, material adverse changes in economic or industry conditions generally. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed or implied in these forward-looking statements. For a more complete discussion of other risk factors affecting Papa John\u2019s, see Papa John\u2019s filings with the Securities and Exchange Commission, including Papa John\u2019s quarterly report on Form 10-Q for the six months ended June 27, 2021 and its annual report on Form 10-K for the fiscal year ended December 27, 2020. Papa John\u2019s cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210914006135r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210914006135\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210914006135\/en\/<\/a><\/span><\/p>\n<p><b><i>Investors:<\/i><\/b><\/p>\n<p>\nAnn Gugino<br \/>\n<br \/>Chief Financial Officer<br \/>\n<br \/>502-261-7272<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Ann_Gugino@papajohns.com\">Ann_Gugino@papajohns.com<\/a><\/p>\n<p>\nSteve Coke<br \/>\n<br \/>SVP, Financial Operations, Accounting and Reporting<br \/>\n<br \/>502-261-7272<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Steve_Coke@papajohns.com\">Steve_Coke@papajohns.com<\/a><\/p>\n<p><b><i>Media:<\/i><\/b><\/p>\n<p>\nMadeline Chadwick<br \/>\n<br \/>SVP, Communications &amp; Corporate Affairs<br \/>\n<br \/>502-261-4189<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Madeline_Chadwick@papajohns.com\">Madeline_Chadwick@papajohns.com<\/a><\/p>\n<p>\nJeffrey Mathews<br \/>\n<br \/>Gagnier Communications<br \/>\n<br \/>646-569-5711<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:JMathews@gagnierfc.com\">JMathews@gagnierfc.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Kentucky United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Retail Restaurant\/Bar Food\/Beverage<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Papa John\u2019s International, Inc. Successfully Completes Senior Notes Offering and Refinancing of Revolving Credit Facility, Further Strengthening and Aligning Capital Structure With Strong Growth Outlook and Cash-Generating Potential Offering of $400 Million Aggregate Principal Amount of Senior Notes Due 2029, Issued at Par With 3.875% Coupon Revolving Credit Facility Amended and Increased to $600 Million, Extended for Additional Five-Year Term LOUISVILLE, Ky.&#8211;(BUSINESS WIRE)&#8211; Papa John\u2019s International, Inc. (NASDAQ:PZZA) announced today that it has successfully completed its previously announced senior notes offering and the refinancing of its revolving credit facility, providing the Company with enhanced financial flexibility and additional liquidity. The transaction marks another significant step toward strengthening and aligning Papa John\u2019s balance sheet and capital allocation priorities with its improving &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/papa-johns-international-inc-successfully-completes-senior-notes-offering-and-refinancing-of-revolving-credit-facility-further-strengthening-and-aligning-capital-structure-with-strong-grow\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Papa John\u2019s International, Inc. Successfully Completes Senior Notes Offering and Refinancing of Revolving Credit Facility, Further Strengthening and Aligning Capital Structure With Strong Growth Outlook and Cash-Generating Potential&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-538228","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Papa John\u2019s International, Inc. 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(NASDAQ:PZZA) announced today that it has successfully completed its previously announced senior notes offering and the refinancing of its revolving credit facility, providing the Company with enhanced financial flexibility and additional liquidity. The transaction marks another significant step toward strengthening and aligning Papa John\u2019s balance sheet and capital allocation priorities with its improving &hellip; Continue reading &quot;Papa John\u2019s International, Inc. 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Successfully Completes Senior Notes Offering and Refinancing of Revolving Credit Facility, Further Strengthening and Aligning Capital Structure With Strong Growth Outlook and Cash-Generating Potential Offering of $400 Million Aggregate Principal Amount of Senior Notes Due 2029, Issued at Par With 3.875% Coupon Revolving Credit Facility Amended and Increased to $600 Million, Extended for Additional Five-Year Term LOUISVILLE, Ky.&#8211;(BUSINESS WIRE)&#8211; Papa John\u2019s International, Inc. (NASDAQ:PZZA) announced today that it has successfully completed its previously announced senior notes offering and the refinancing of its revolving credit facility, providing the Company with enhanced financial flexibility and additional liquidity. The transaction marks another significant step toward strengthening and aligning Papa John\u2019s balance sheet and capital allocation priorities with its improving &hellip; Continue reading \"Papa John\u2019s International, Inc. Successfully Completes Senior Notes Offering and Refinancing of Revolving Credit Facility, Further Strengthening and Aligning Capital Structure With Strong Growth Outlook and Cash-Generating Potential\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/papa-johns-international-inc-successfully-completes-senior-notes-offering-and-refinancing-of-revolving-credit-facility-further-strengthening-and-aligning-capital-structure-with-strong-grow\/","og_site_name":"Market Newsdesk","article_published_time":"2021-09-14T20:33:21+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210914006135r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/papa-johns-international-inc-successfully-completes-senior-notes-offering-and-refinancing-of-revolving-credit-facility-further-strengthening-and-aligning-capital-structure-with-strong-grow\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/papa-johns-international-inc-successfully-completes-senior-notes-offering-and-refinancing-of-revolving-credit-facility-further-strengthening-and-aligning-capital-structure-with-strong-grow\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Papa John\u2019s International, Inc. 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