Kirkland Represents Initial Purchasers on $1.32 Billion Issuance for Domino’s WBS Facility

Kirkland & Ellis advised the initial purchasers in connection with the offering of $1 billion of term notes and $320 million of variable funding notes by certain indirect subsidiaries of Domino’s Pizza Inc. (Nasdaq: DPZ) under its whole-business securitization (WBS) facility, marking the a major update to its platform. The updated facility incorporates several new WBS structural features, providing flexibility and capacity for future growth. The Michigan-based franchisor plans to use the proceeds to repay existing debt. The transaction closed on September 5, 2025.

The Kirkland team included structured finance lawyers Michael Urschel, John Harrison, Constantina Leodis and Devin Savaskan; capital markets lawyers Ross Leff, Leia Andrew and Alex Saenz; tax lawyers Richard Husseini, Jon Nelsen, Ben Schreiner and Weiwei Chen; investment funds ERISA lawyers Joe Lifsics and Christine Matott; employee benefits lawyer Bob Zitko; debt finance lawyers Suril Patel and Amer Mohiuddin; technology & IP transactions lawyers Daisy Darvall and Kyla Risko; litigation lawyer Nick Niles; and investment funds regulatory lawyers Felix Jen, Peter Gauss and Melissa Gainor.

This issuance is one of the many complex structured financings Kirkland’s Structured Finance & Structured Private Credit team has closed in recent months, including representing: 

• Point Broadband (a portfolio company of GTCR and Berkshire Partners) on a $700+ million initial fiber securitization, a regional internet and network services provider that builds and operates fiber optic and fixed wireless networks serving the wholesale and consumer markets.
• Metronet on a $1.5+ billion Rule 144A securitization financing backed by fiber assets. Proceeds from the issuance will be used to repay a portion of the outstanding indebtedness under the warehouse facility and for general corporate purposes.
• Gigstreem, a provider of broadband for multifamily and commercial properties backed by Crestline Investors, Inc., on its inaugural asset-backed financing. The deal — the first of its kind in the multifamily broadband industry — was issued to a group of institutional investors at a fixed rate and received private credit ratings.
• An oil and gas company in its inaugural $250+ million asset-backed securitization where notes were backed by recently acquired producing oil and gas wells located in the Delaware Basin.
• An issuer in its $300 million issuance of asset-backed securities collateralized by timeshare loans originated by Travel + Leisure, a leading leisure travel company with more than 270 resorts worldwide.
• A major alternative investment fund on a $300 million aggregation facility secured by triple net lease (NNN) commercial real estate, with proceeds to be used to finance future acquisitions—where we worked closely with our Real Estate and Environmental team. Assets in the aggregation facility are expected to be taken out over time via periodic ABS securities offerings.