Dine Brands intends to refinance certain senior secured notes

Earlier, Dine Brands announced its intention to refinance its Series 2019-1 Class A-2-I, Fixed Rate Senior Secured Notes, stating that the Series 2019-1 Class A-2-II, Fixed Rate Senior Secured Notes and the Series 2022-1 Class A-1, Variable Funding Senior Notes are not proposed to be refinanced as this time. As of March 24, the principal balance of the Series 2019-1 Refinancing Notes was approximately $585M. Dine Brands intends to replace the 2019-1 Refinancing Notes with a new securitized financing facility, expected to be comprised of between $400M-$500M of Senior Term Notes. The net proceeds of the sale of the new notes, and the use of cash on hand and Variable Funding Senior Notes, would be used to repay any outstanding amounts under the 2019-1 Refinancing Notes in full, to pay fees and expenses incurred in connection with the issuance of the new botes and to the extent any net proceeds remain, for general corporate purposes. "There can be no assurance regarding the timing of a refinancing transaction, the interest rate at which the 2019-1 Refinancing Notes would be refinanced, or that a refinancing transaction will be completed," the company stated.