---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-142147"
form_type: "8-K"
ticker: "DIN"
cik: "0000049754"
company_name: "Dine Brands Global, Inc."
filed_at: "2025-06-17T23:59:59+00:00"
generated_at: "2026-05-19T05:30:17.382024+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-142147
- form_type: 8-K
- ticker: DIN
- cik: 0000049754
- company_name: Dine Brands Global, Inc.
- filed_at: 2025-06-17T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/49754/000119312525142147/0001193125-25-142147-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/49754/000119312525142147/d945770d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-142147
- JSON: https://secwatch.observer/filing/0001193125-25-142147.json
- Plain text: https://secwatch.observer/filing/0001193125-25-142147.txt

## Key facts
- Debt Financings
  Dine Brands Global, Inc. incurred revolving credit of up to $325 million at Term SOFR Rate plus 2.50% or base rate plus 2.00% maturing June 2030 (anticipated repayment), subject to extensions.
  - Instrument: revolving credit
  - Principal: up to $325 million
  - Rate: Term SOFR Rate plus 2.50% or base rate plus 2.00%
  - Maturity: June 2030 (anticipated repayment), subject to extensions
  - Event: incurrence
  source text: entered into a revolving financing facility, the Class A-1 Notes, that allows for drawings up to $325 million of variable funding notes and the issuance of letters of credit.
  evidence_url: https://www.sec.gov/Archives/edgar/data/49754/000119312525142147/0001193125-25-142147-index.htm
- Debt Financings
  Dine Brands Global, Inc. incurred senior notes of $600 million at 6.720% maturing June 2055 (legal final), anticipated June 2030.
  - Instrument: senior notes
  - Principal: $600 million
  - Rate: 6.720%
  - Maturity: June 2055 (legal final), anticipated June 2030
  - Event: incurrence
  source text: issued the Series 2025-1 6.720% Fixed Rate Senior Secured Notes, Class A-2 (the “Class A-2 Notes”) in an initial aggregate principal amount of $600 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/49754/000119312525142147/0001193125-25-142147-index.htm

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