Wingstop Restaurants closed on a new $180 million senior secured debt facility that replaced its existing March 2015 facility. Wells Fargo Securities and Citizens Bank were joint lead arrangers and bookrunners.

Wingstop’s board of directors also declared a special cash dividend of $2.90 per share to shareholders, which represents approximately 10% of Wingstop’s total market capitalization.

President and Chief Executive Officer Charlie Morrison stated, “Wingstop’s ‘category of one’ positioning has resulted in a powerful, fast casual brand with a broad, loyal and diverse guest base that craves a unique flavor experience. We believe our exceptional growth characteristics are supported by a differentiated business model that offers franchisees compelling unit economics and shareholders high operating margins and high cash flow conversion.”

Wingstop’s new five-year debt facility bears an initial interest rate of LIBOR+275 bps and consists of a $70 million senior secured term loan with a 5% mandatory amortization and a $110 million senior secured revolving credit facility. The new debt facility refinanced $85.5 million of indebtedness under the company’s March 2015 debt facility.

The company will utilize proceeds from the new senior secured debt facility in combination with available cash on its balance sheet to fund the special cash dividend.

Dallas-based Wingstop has more than 900 restaurants across the U.S., Mexico, Singapore, the Philippines, Indonesia and United Arab Emirates.