Dine Brands Global, Inc. Announces Signed Commitments to Significantly Increase and Replace Existing Variable Funding Senior Notes
GLENDALE, Calif., Aug. 17, 2018 // PRNewswire // -- Dine Brands Global, Inc. (NYSE : DIN ), the parent company of Applebee's Neighborhood Grill & Bar® and IHOP® restaurants, today announced it has signed commitments with Barclays Bank PLC and Credit Suisse AG, Cayman Islands Branch to upsize and replace its existing Series 2014-1, Class A-1 Variable Funding Senior Notes (the "Class A-1 Notes") with a new series of Class A-1 Variable Funding Senior Notes (the "New Notes"). The New Notes allow for drawings of up to $225 million and have more favorable fees and interest rates. The current Class A-1 Notes allow for drawings of up to $100 million.
The Company has determined not to pursue a refinancing of its existing Series 2014-1 4.277% Fixed Rate Senior Secured Notes (the "Class A-2 Notes") at this time. The Class A-2 Notes have a maturity date of September 2021.
The closing of the New Notes transaction is subject to certain conditions and is anticipated to take place in the third quarter of 2018. There can be no assurance regarding the timing of the closing of the New Notes transaction or that the transaction will be completed on the terms described or at all.
About Dine Brands Global, Inc.
Based in Glendale, California, Dine Brands Global, Inc. (NYSE : DIN ), through its subsidiaries, franchises restaurants under both the Applebee's Neighborhood Grill & Bar and IHOP brands. With approximately 3,700 restaurants combined in 18 countries and approximately 380 franchisees, Dine Brands is one of the largest full-service restaurant companies in the world. For more information on Dine Brands, visit the Company's website located at www.dinebrands.com.
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 Securities and Exchange Commission. The forward-looking statements contained in this release are made as of the date hereof and the Company does not intend to, nor does it assume any obligation to, update or supplement any forward-looking statements after the date hereof to reflect actual results or future events or circumstances.
SOURCE Dine Brands Global, Inc.
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