DineEquity, Inc. (NYSE: DIN), the parent company of Applebee's
Neighborhood Grill & Bar® and IHOP® restaurants,
today announced its intention to refinance its 3.75% senior secured
credit facility and its 9.5% senior notes.
As of June 30, 2014, the balances of DineEquity’s senior secured credit
facility and senior notes were approximately $465 million and $761
million, respectively. DineEquity intends to replace the senior secured
credit facility and senior notes with a new securitized financing
facility, expected to be comprised of $1.3 billion of senior term notes
and $100 million of variable funding notes (the “Notes”). The net
proceeds of the new facility would be used for repayment of existing
indebtedness, a make-whole payment related to the redemption of the
senior notes, transaction costs associated with the refinancing, and
general corporate purposes.
There can be no assurance regarding the timing of a refinancing
transaction, the interest rate at which DineEquity’s debt would be
refinanced, or that a refinancing transaction will be completed.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Notes or any other security. The
Notes have not been, and will not be, registered under the Securities
Act of 1933, as amended (the “Securities Act”), or any state securities
laws, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act and applicable state securities laws.
About DineEquity, Inc.
Based in Glendale, California, DineEquity, Inc., through its
subsidiaries, franchises and operates restaurants under the Applebee’s
Neighborhood Grill & Bar and IHOP brands. With more than 3,600
restaurants combined in 19 countries, over 400 franchisees and
approximately 200,000 team members (including franchisee- and
company-operated restaurant employees), DineEquity is one of the largest
full-service restaurant companies in the world. For more information on
DineEquity, visit the Company's Web site located at www.dineequity.com.
Forward-Looking Statements
Statements contained in this press release may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. You can identify these forward-looking
statements by words such as "may," "will," "should," "expect,"
"anticipate," "believe," "estimate," "intend," "plan" and other similar
expressions. These statements involve known and unknown risks,
uncertainties and other factors, which may cause actual results to be
materially different from those expressed or implied in such statements.
These factors include, but are not limited to the impact of general
market, industry, credit and economic conditions and other factors
discussed from time to time in DineEquity's Annual and Quarterly Reports
on Forms 10-K and 10-Q and in DineEquity's other filings with the
Securities and Exchange Commission. The forward-looking statements
contained in this release are made as of the date hereof and DineEquity
assumes no obligation to update or supplement any forward-looking
statements.
Copyright Business Wire 2014