Dine Brands prices $500M securitized notes at 7.824% to refinance existing debt

Dine Brands Global, Inc.

$500M Series 2023-1 Class A-2 notes priced at 7.824%, expected repayment June 2029.
Net proceeds to repay ~$585M outstanding Series 2019-1 Class A-2-I notes.
Closing expected on or around April 17, 2023, subject to conditions.
Notes issued by special purpose subsidiaries owning Applebee's and IHOP franchising assets.
Other series (2019-1 A-2-II and 2022-1 A-1) not refinanced.

item 1.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Dine Brands Global, Inc. entered into Purchase Agreement valued at $500 million (effective 2023-03-29).

Action: entry
Agreement: notes offering
Value: $500 million
Effective: 2023-03-29

Exact text from the filing

On March 29, 2023, Dine Brands Global, Inc., a Delaware corporation (the “Corporation”), and certain subsidiaries of the Corporation entered into a Purchase Agreement (the “Purchase Agreement”), pursuant to which two special purpose subsidiaries of the Corporation have agreed to jointly issue and sell Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2 (the “New Notes”) in an initial aggregate principal amount of $500 million.

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Dine Brands Global, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-084541

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