DineEquity intends to refinance 9½% notes via securitized facility

By Tali Rackner

Norfolk, Va., July 29 – DineEquity, Inc. plans to refinance its 9½% senior notes with a new securitized financing facility, according to a press release.

Proceeds will also be used to refinance the company’s 3.75% senior secured credit facility.

As of June 30, the balances of DineEquity’s senior notes and senior secured credit facility were roughly $761 million and $465 million, respectively.

The new securitized financing facility is expected to be comprised of $1.3 billion of senior term notes and $100 million of variable funding notes.

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

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