NEW YORK ( TheStreet) -- Shares of Domino's Pizza ( DPZ) surged in late trades on Friday after the pizza maker said its board has declared a special one-time cash dividend of $3 per share following a recapitalization. The Ann Arbor, Mich.-based company said it's completed the placement of a $1.675 billion securitized debt facility, replacing a securitized debt facility that dates back to April 2007. "The fact that we will be paying less in interest, along with the stability of a fixed interest rate over the next seven years, and the flexibility of an available revolver, gives us the ability to invest in the business and reward shareholders," said J. Patrick Doyle, the company's chairman and CEO, in a statement. "The special dividend demonstrates our commitment to provide value to our shareholders." The stock was last quoted at $41.70, up 4.4%, on volume of more than 80,000, according to Nasdaq.com. Based on Friday's regular-session close at $39.96, the shares have already appreciated 18% so far in 2012. Domino's said it expects the dividend will be payable on April 2 to shareholders of record on March 26. The company also noted that it has more than $82 million left under its current $200 million buyback authorization, and said it "believes that share repurchases could also offer another appropriate strategy for shareholder returns." The sell side is in wait-and-see mode on Domino's with 12 of the 15 analysts covering the stock at hold, and the 12-month median price target at $39.50. At current levels, the shares trade at a forward price-to-earnings multiple of 17.8X, above 15.5X for McDonald's ( MCD). Check out TheStreet's quote page for McDonald's for year-to-date share performance, analyst ratings, earnings estimates and much more.