DineEquity cut term debt by $110 million, retired $32.3 million notes

By Jennifer Chiou

New York, May 3 - DineEquity Inc. announced in its report of financials for the first quarter ended March 31 that it reduced $110 million of its term loan balances and repurchased and retired $32.3 million of its 9½% senior notes due Oct. 30, 2018 during that period.

The Glendale, Calif.-based parent company of Applebee's Neighborhood Grill & Bar and IHOP Restaurants said that in the first quarter it cut total debt by $178.6 million, or 8.8%, resulting from the net proceeds from the sale of 65 company-operated Applebee's restaurants, cash on hand and free cash flow.

In February, DineEquity completed a repricing of its senior secured term loan facility to take advantage of lower interest rates, establishing a $742 million senior secured credit facility, the report noted.

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