Dine Brands closes $600M securitization refinancing at 6.720%, repays $594M of existing notes

Dine Brands Global, Inc.

Issued $600M Series 2025-1 Class A-2 Fixed Rate Senior Secured Notes, coupon 6.720%, expected five-year term to June 2030.
New $325M variable funding notes (VFN) replace prior $325M revolver; $100M drawn and $1M in LCs as of March 31.
Net proceeds used to repay ~$594M outstanding on Series 2019-1 Class A-2-II notes plus transaction costs and general corporate purposes.
Quarterly principal payments may be suspended when corporate leverage ratio ≤ 5.25x; additional interest triggers after anticipated repayment date.
Existing Series 2019-1 and 2022-1 supplements and purchase agreements terminated upon refinancing.

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