2023-04-17 17:29:22 ET
- Dine Brands Global ( NYSE: DIN ) said Monday its special purpose subsidiaries completed partial refinancing of their existing series 2019-1 class A-2-I, fixed rate senior secured notes.
- The financing facility is comprised of series 2023-1 class A-2, fixed rate senior secured notes, with an initial principal amount of $500M.
- The new notes, which were sold to qualified institutional buyers, bear interest at a fixed coupon rate of 7.824% per annum, payable quarterly, and have an expected term of six years and two months.
- Net proceeds of the sale of the new notes, along with cash on hand and variable funding senior notes, will be used to repay any outstanding amounts under its existing Series 2019-1 class A-2-I, fixed rate senior secured notes in full, and for general corporate purposes.
- The series 2019-1 Class A-2-II, fixed rate senior secured notes and the series 2022-1 class A-1, variable funding senior notes will not be refinanced at this time.
- As of April 17, the principal balance of the series 2019-1 refinancing notes was ~$585M.
- "Our offering was met with significant investor demand, despite a challenging backdrop, and gives us further comfort in our ability to refinance future debt at attractive levels," said CFO Vance Chang.
- Earlier, Baird warned that casual dining trends were less than promising.
For further details see:
Dine Brands completes partial refinancing of existing fixed rate notes