DineEquity to launch refinancing of $742 million term B on Friday

By Sara Rosenberg

New York, Feb. 9 - DineEquity Inc. has set a conference call for Friday to launch a refinancing/repricing of its $742 million term loan B, according to a market source.

Barclays and Goldman Sachs are the lead banks on the deal.

The term loan B was obtained in the latter part of 2010 to refinance existing debt and is priced at Libor plus 450 basis points with a 1.5% Libor floor. It was sold at an original issue discount of 99 and includes 101 soft call protection for one year.

Initially, the B loan was sized at $900 million, but has been paid down through free cash flow and proceeds from asset sales.

DineEquity is a Glendale, Calif.-based owner of Applebee's Neighborhood Grill & Bar and IHOP Restaurants.

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