Dine Brands Global, Inc. Prices $1.3 Billion Securitized Financing Facility
The Class A-2 Notes are expected to be issued by the Co-Issuers in a privately placed securitization. The Co-Issuers and their subsidiaries will own substantially all of the Applebee’s and IHOP domestic franchising, rental and financing assets and will use the cash flows generated from these assets to make interest and principal payments on the Class A-2 Notes. The Company also intends to replace its existing Series 2018-1 Class A-1, Variable Funding Senior Notes with new Series 2019-1 Class A-1, Variable Funding Senior Notes on substantially the same terms in order to conform to the maturities of the Class A-2 Notes.
The net proceeds of the new facility would be used to repay the Company’s existing Series 2014-1 Class A-2, Fixed Rate Senior Secured Notes, for transaction costs associated with the refinancing and for general corporate purposes.
As of
The closing of the transactions referenced above is expected to be on or
around
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Notes or any other security. The
Notes have not been, and will not be, registered under the Securities
Act of 1933, as amended (the “Securities Act”), or any state securities
laws, and may not be offered or sold in
About
Based in
Forward-Looking Statements
Statements contained in this press release may constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. You can identify these forward-looking
statements by words such as "may," "will," “would,” "should," “could,”
"expect," "anticipate," "believe," "estimate," "intend," "plan," “goal”
and other similar expressions. These statements involve known and
unknown risks, uncertainties and other factors, which may cause actual
results to be materially different from those expressed or implied in
such statements. These factors include, but are not limited to: general
economic conditions; our level of indebtedness; compliance with the
terms of our securitized debt; our ability to refinance our current
indebtedness or obtain additional financing; our dependence on
information technology; potential cyber incidents; the implementation of
restaurant development plans; our dependence on our franchisees; the
concentration of our Applebee’s franchised restaurants in a limited
number of franchisees; the financial health our franchisees; our
franchisees’ and other licensees’ compliance with our quality standards
and trademark usage; general risks associated with the restaurant
industry; potential harm to our brands’ reputation; possible future
impairment charges; the effects of tax reform; trading volatility and
fluctuations in the price of our stock; our ability to achieve the
financial guidance we provide to investors; successful implementation of
our business strategy; the availability of suitable locations for new
restaurants; shortages or interruptions in the supply or delivery of
products from third parties or availability of utilities; the management
and forecasting of appropriate inventory levels; development and
implementation of innovative marketing and use of social media; changing
health or dietary preference of consumers; risks associated with doing
business in international markets; the results of litigation and other
legal proceedings; third-party claims with respect to intellectual
property assets; our ability to attract and retain management and other
key employees; compliance with federal, state and local governmental
regulations; risks associated with our self-insurance; natural disasters
or other series incidents; our success with development initiatives
outside of our core business; the adequacy of our internal controls over
financial reporting and future changes in accounting standards; and
other factors discussed from time to time in the Company's Annual and
Quarterly Reports on Forms 10-K and 10-Q and in the Company's other
filings with the
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Source:
Investor Contact
Ken Diptee
Dine
Brands Global, Inc.
Executive Director, Investor Relations
818-637-3632
Media Contact
Thien Ho
Executive
Director, Communications
Dine Brands Global, Inc.
818-549-4238