IHOP raises $35 million from private sale of convertible preferreds

By Laura Lutz

Des Moines, Nov. 29 - IHOP Corp. issued $35 million of convertible preferred stock through a private placement, according to a news release.

The company said it also sold $190 million of non-convertible preferred stock.

Proceeds of the deals were used to financing IHOP's acquisition of Applebee's International, Inc., which closed on Thursday.

IHOP is a restaurant chain based in Glendale, Calif.

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