---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-103657"
form_type: "8-K"
ticker: "DIN"
cik: "0000049754"
company_name: "Dine Brands Global, Inc."
filed_at: "2023-04-17T23:59:59+00:00"
generated_at: "2026-06-17T01:38:35.852718+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Dine Brands completes $500M securitization refinancing of 2019 Class A-2-I notes

## Summary
- New Series 2023-1 Notes: $500M at 7.824% fixed coupon, quarterly payments, expected maturity June 2029.
- Net proceeds used to repay ~$585M of existing Series 2019-1 Class A-2-I notes (4.194%) plus fees.
- Series 2019-1 Class A-2-II ($594M) and Series 2022-1 Variable Funding Notes ($100M) not refinanced.
- Transaction met with significant investor demand per CEO and CFO.
- Legal final maturity March 2053; additional interest accrues if not repaid by anticipated date.

## SEC filing metadata
- accession: 0001193125-23-103657
- form_type: 8-K
- ticker: DIN
- cik: 0000049754
- company_name: Dine Brands Global, Inc.
- filed_at: 2023-04-17T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/49754/000119312523103657/0001193125-23-103657-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/49754/000119312523103657/d461220d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-103657
- JSON: https://secwatch.observer/filing/0001193125-23-103657.json
- Plain text: https://secwatch.observer/filing/0001193125-23-103657.txt

## Key facts
- Debt Financings
  Dine Brands Global, Inc. incurred senior notes of $500 million with Citibank, N.A. at 7.824% maturing March 2053.
  - Instrument: senior notes
  - Principal: $500 million
  - Counterparty: Citibank, N.A.
  - Rate: 7.824%
  - Maturity: March 2053
  - Event: incurrence
  source text: issued the 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/49754/000119312523103657/0001193125-23-103657-index.htm
- Material Agreements
  Dine Brands Global, Inc. amended Management Agreement with Citibank, N.A. (effective 2023-04-17).
  - Action: amendment
  - Counterparty: Citibank, N.A.
  - Effective: 2023-04-17
  source text: On the Closing Date, the Corporation also entered into an amendment and restatement of that certain Management Agreement, dated September 30, 2014, as previously amended and restated on September 5, 2018 and June 5, 2019, a copy of which, as so amended and restated, is attached hereto as Exhibit 10.1, among the Corporation, the Securitization Entities, Applebee’s Services, Inc., International House of Pancakes, LLC and the Trustee
  evidence_url: https://www.sec.gov/Archives/edgar/data/49754/000119312523103657/0001193125-23-103657-index.htm
- Material Agreements
  Dine Brands Global, Inc. entered into Second Amended and Restated Base Indenture with Citibank, N.A. valued at $500 million (effective 2023-04-17).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: Citibank, N.A.
  - Value: $500 million
  - Effective: 2023-04-17
  source text: On April 17, 2023 (the “Closing Date”), Applebee’s Funding LLC and IHOP Funding LLC (the “Co-Issuers”), each a special purpose, wholly-owned indirect subsidiary of Dine Brands Global, Inc., a Delaware corporation (the “Corporation”), issued the 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/49754/000119312523103657/0001193125-23-103657-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.