OVERLAND PARK, KS—NPC International Inc., the world’s largest Pizza Hut franchisee with 1,223 locations, has refinanced its outstanding $368 million term loan and $100 million revolving credit facility.

The company was able to reduce its term-loan borrowing by 75 basis points and its revolving credit facility by 175 basis points, resulting in a $3 million annual savings, NPC said in a statement. This refinancing also extends the maturity date of the revolving credit facility by one year to December 28, 2017.

The company is operated as a subsidiary of Stamford, Ct.-based Olympus Partners, which bought NPC in December 2011. Jim Schwartz, chairman and CEO of NPC, said in the recent statement that his firm has enjoyed a strong performance in fiscal 2012, and the refinancing effort will complement the company’s plans for development next year. The NPC firm announced plans during its recent third quarter report to open 40 new delivery and carry-out restaurants in fiscal 2013.