Dunkin’ Brands reported Q4 2014 results yesterday with US comparable store sales growth of 1.4% and increased revenue of 5.5%. Reporting 141 net new opens in the US, Dunkin’ stated earnings of $.46 per share, but thereby disappointed Wall Street, missing their expectation of $.47 per share. Last week, Paul Carbone updated the investment community on the DBI $2.6 billion refinancing. Similar to a cash-out refinance, DNKN refinanced at low, fixed interest rates for the next 4-7 years, and took out $615 M in net proceeds that will be used for share buybacks. Carbone noted there was high interest in the Dunkin bonds sold, but admitted DBI interest expense will be about $30M higher on an annual basis, depressing earnings per share. DBI debt rose to $2.6B and now represents a debt to EBITDA ratio of 6X – high, but credit rating agencies were confident DBI can pay down debt over time.