2023-03-30 08:46:43 ET
- Dine Brands ( NYSE: DIN ) entered into a purchase agreement wherein two of the company's indirect, special purpose subsidiaries (co-issuers) have agreed to issue and sell Series 2023-1 Class A-2, Fixed Rate Senior Secured Notes (new notes) in an initial principal amount of $500M.
- Under the purchase agreement, the new notes will bear interest at a rate of 7.824% annually, payable quarterly, and will have an expected repayment date in June 2029.
- The new notes are expected to be issued by the co-issuers in a privately placed securitization.
- The co-issuers and their subsidiaries own substantially all of the Applebee's and IHOP domestic franchising, rental and financing assets and will use the cash flows generated from these assets to make interest and principal payments on the new notes.
- Net proceeds along with cash on hand are expected to be used to repay any outstanding amounts under existing senior notes in full.
- Transaction are expected to close on or around Apr.17, 2023.
For further details see:
Dine Brands Global prices $500M securitized financing facility