As of September 9, 2018, we had approximately $131.6 million of restricted cash held for future principal and interest payments,
$36.5 million of restricted cash held in a three-month interest reserve as required by the related debt agreements and $0.1 million of other restricted cash for a total of $168.2 million of restricted cash and cash equivalents. As of
September 9, 2018, we also held $26.9 million of advertising fund restricted cash and cash equivalents, which can only be used for activities that promote the Dominos Pizza brand.
On April 24,
2018, we completed the 2018 Recapitalization in which certain of our subsidiaries issued new notes pursuant to an asset-backed securitization. The new notes consist of $425.0 million Series 2018-1 4.116%
Fixed Rate Senior Secured Notes, Class A-2-I with an anticipated term of 7.5 years (the 2018
A-2-I Fixed Rate Notes), and $400.0 million Series 2018-1 4.328% Fixed Rate Senior Secured Notes, Class A-2-II with an anticipated term of 9.25 years (the 2018 A-2-II Fixed Rate
Notes and, collectively with the 2018 A-2-I Fixed Rate Notes, the 2018 Notes) in an offering exempt from registration under the Securities Act of 1933,
as amended. The 2018 Notes have remaining scheduled principal payments of $2.1 million in 2018, $8.3 million in each of 2019 through 2024, $401.4 million in 2025, $4.0 million in 2026 and $366.0 million in 2027. Gross
proceeds from the issuance of the 2018 Notes was $825.0 million.
A portion of the proceeds from the 2018 Recapitalization was used
to repay the remaining $490.1 million in outstanding principal and interest under the Companys 2015 five-year fixed rate notes, pre-fund a portion of the principal and interest payable on the 2018
Notes, pay transaction fees and expenses and repurchase and retire shares of the Companys common stock. In connection with the repayment of the 2015 five-year fixed rate notes, the Company expensed approximately $3.2 million for the
remaining unamortized debt issuance costs associated with these notes. Additionally, in connection with the 2018 Recapitalization, the Company capitalized $8.2 million of debt issuance costs, which are being amortized into interest expense over
the expected terms of the 2018 Notes.
As of September 9, 2018, we had approximately $3.47 billion of long-term debt, of which $35.8 million was classified as a
current liability. Our fixed and floating rate notes from the recapitalizations we completed in 2018, 2017 and 2015 have original scheduled principal payments of $8.8 million in the remainder of 2018, $35.3 million in each of 2019 through
2021, $888.0 million in 2022, $26.3 million in each of 2023 through 2025, $1.13 billion in 2026 and $1.27 billion in 2027. As of September 9, 2018, we had no outstanding borrowings under our variable funding notes and
$128.3 million available for borrowing, net of letters of credit issued of $46.7 million. The letters of credit are primarily related to our casualty insurance programs and supply chain center leases. Borrowings under the variable funding
notes are available to fund our working capital requirements, capital expenditures, share repurchases and other general corporate purposes.
Our open market share repurchase programs have historically been funded by excess cash flows. On February 14,
2018, our Board of Directors authorized a new share repurchase program to repurchase up to $750.0 million of the Companys common stock, which replaced the remaining availability under its previous $1.25 billion authorization. During
the third quarter of 2018, we repurchased and retired 397,490 shares of our common stock under our Board of Directors-approved open market share repurchase program for a total of approximately $109.1 million, or an average price of $274.53 per
share. During the three fiscal quarters of 2018, we repurchased and retired 1,751,054 shares of our common stock under our Board of Directors-approved open market share repurchase program for a total of approximately $429.2 million, or an
average price of $245.10 per share. As of September 9, 2018, the Company had a total remaining authorized amount for share repurchases of approximately $320.8 million.
Subsequent to the third quarter and through October 11, 2018, the Company repurchased and retired an additional 36,671 shares of common
stock for a total of approximately $10.0 million, or an average price of $273.01 per share.
During the third quarter of 2017, the
Company entered into a $1.0 billion accelerated share repurchase agreement (the ASR Agreement) with a counterparty. Pursuant to the terms of the ASR Agreement, the Company used a portion of the proceeds from the 2017
Recapitalization to pay the counterparty $1.0 billion in cash and received 4,558,863 shares of the Companys common stock. Final settlement of the ASR Agreement occurred on October 11, 2017. In connection with the ASR Agreement, the
Company received and retired a total of 5,218,670 shares of its common stock at an average price of $191.62, including 4,558,863 shares of its common stock received and retired during the third quarter of 2017. During the three fiscal quarters of
2017, the Company repurchased and retired 4,639,223 shares of its common stock under its Board of Directors-approved open market share repurchase program for a total of approximately $1.01 billion.