Dine Brands Global, Inc. Completes Refinancing of its Class A-2-I Senior Secured Notes Through a Securitization
Summary
GLENDALE, Calif., April 17, 2023--(BUSINESS WIRE)--Dine Brands Global, Inc. (NYSE: DIN) ("Dine Brands" or the "Corporation"), the parent company of Applebees Neighborhood Grill + Bar\xae, IHOP\xae and Fuzzys Taco Shop\xae restaurants, today announced that the Corporations indirect, two special purpose subsidiaries (the "Co-Issuers") have completed the partial refinancing of their existing Series 2019-1 Class A-2-I, Fixed Rate Senior Secured Notes (the "2019-1 Refinancing Notes"). The New Notes bear interest at a fixed coupon rate of 7.824% per annum, payable quarterly, and have an expected term of six years and two months. As of December 31, 2022, there was $100 million outstanding under the Series 2022-1 Class A-1, Variable Funding Senior Notes, and an additional $3.4 million was pledged against the Series 2022-1 Class A-1, Variable Funding Senior Notes for outstanding letters of credit.The New Notes were sold to qualified institutional buyers in the United States in accordance with Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to persons outside the United States in accordance with Regulation S under the Securities Act. 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 factors include, among other things: uncertainty regarding the duration and severity of the ongoing COVID-19 pandemic (including the emergence of variant strains) and its ultimate impact on our business; 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 Applebees franchised restaurants in a limited number of franchisees; the financial health of our franchisees, including any insolvency or bankruptcy; credit risks from our IHOP franchisees operating under our previous IHOP business model in which we built and equipped IHOP restaurants and then franchised them to franchisees; insufficient insurance coverage to cover potential risks associated with the ownership and operation of restaurants; 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; risks of food-borne illness or food tampering; possible future impairment charges; 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; delivery initiatives and use of third-party delivery vendors; our allocation of human capital and 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 serious 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 Corporations Annual and Quarterly Reports on Forms 10-K and 10-Q and in the Corporations other filings with the Securities and Exchange Commission.