Dan Primack reports at Fortune.com that Moody’s released a report on the $2 billion in new debt being offered up by Dunkin’ Brands.

Since the Term Sheet is fueled by giant plastic cups full of Dunkin’ iced cofee (yes, even in cold weather), a few notes:

The $2 billion deal is split up into three tranches: $1.25 billion guaranteed senior secured term loan(rated B1), $100 million senior secured revolving credit facility (B1) and $625 million in senior unsecured notes (Caa2).

Assuming it all gets sold, Dunkin’s private equity owners — Bain, Carlyle and THL Partners — plan to pocket $500 million.

Dunkin’ is a highly-levered company at 7x EBITDA, although has decent recurring revenue via its franchise model. The downside to franchising revenue, however, is when it comes to actual dollars. System-wide Dunkin’ sales are around $7.5 billion, but the parent company only brings in around $540 million.

Read more at: Fortune.com