Dunkin' Brands, parent company of Dunkin' Donuts and Baskin-Robbins, today announced it has completed the refinancing of its senior secured credit facility, including its senior secured revolving credit facility.

According to a news release, the total debt of the company remains unchanged. The company refinanced its senior secured credit facilities with new credit facilities consisting of a $1.379 billion term loan due February 2021, a $450 million term loan due September 2017 and a $100 million revolving credit facility due February 2019.

The new interest rate on the term loan due February 2021 is LIBOR plus 2.50 percent with a LIBOR floor of 0.75 percent, while the interest rate on the term loan due September 2017 is LIBOR plus 2.50 percent with no LIBOR floor. The prior rate on the company's term loan facility had been LIBOR plus 2.75 percent with a LIBOR floor of 1.00 percent.

The new interest rate for the revolving credit facility is LIBOR plus 2.25 percent with no LIBOR floor (previously LIBOR plus 2.50 percent).

As a result, the company expects interest expense approximately $70 million in 2014.

"The strong credit market and high demand for Dunkin' Brands' term loan and revolving loan have enabled us to lower our weighted average cost of debt. As a result, we expect interest expense savings of $10 million in 2014," said Paul Carbone, Dunkin' Brands CFO.

Read more about operations management.

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