US pizza delivery company Domino’s Pizza has announced that it has paid down US$109.1m, or 12%, of its debt.

“Lowering our debt by nearly $110m will reduce our interest expense by approximately $9m on an annual basis, and takes our leverage ratio to under four times EBITDA,” said chief financial officer Harry Silverman.

“Although our strong and stable cash flow enables us to operate at much higher debt levels, we felt this de-leveraging activity was an appropriate strategy for our newly-public company,” he added.

Domino’s Pizza operates a network of 7,530 franchised and company-owned stores in the United States and more than 50 countries abroad.