- Dine Brands Global, Inc. (DIN, Financial) plans to refinance its Series 2019-1 Class A-2-II Fixed Rate Senior Secured Notes and Series 2022-1 Class A-1 Variable Funding Senior Notes.
- The principal balance of the 2019-1 Refinancing Notes was approximately $594 million as of March 31, 2025.
- Approximately $224 million remained available from the 2022-1 Refinancing Notes against a maximum of $325 million as of March 31, 2025.
Dine Brands Global, Inc. (DIN), the parent company of Applebee’s Neighborhood Grill + Bar®, IHOP® restaurants, and Fuzzy’s Taco Shop®, has announced its intention to refinance its Series 2019-1 Class A-2-II Fixed Rate Senior Secured Notes and its Series 2022-1 Class A-1 Variable Funding Senior Notes. The proposed refinancing will not include the Series 2023-1 Class A-2 Fixed Rate Senior Secured Notes.
As of March 31, 2025, the principal balance of the Series 2019-1 Refinancing Notes was approximately $594 million. For the Series 2022-1 Refinancing Notes, which allows for a maximum outstanding principal amount of $325 million, $224 million remained available, with $100 million already used for outstanding loan borrowings and $1 million pledged for letters of credit.
Dine Brands aims to replace the Existing Notes with a new securitized financing facility. Proceeds from this transaction are intended to cover the repayment of the Existing Notes, transaction costs, and general corporate purposes. However, there is no assurance regarding the timing, interest rate, or completion of this refinancing transaction.
The refinancing will involve the sale of new notes to qualified institutional buyers in the United States under Rule 144A of the Securities Act of 1933, and to purchasers outside the U.S. in accordance with Regulation S. These new notes are not registered under the Securities Act, meaning they cannot be sold in the U.S. without registration or an exemption.
Based in Pasadena, California, Dine Brands Global, Inc. oversees over 3,500 restaurants in 19 countries, making it one of the largest full-service restaurant companies worldwide. The corporation expanded into the fast-casual segment in 2022.
