Dine Brands Global, Inc. Draws on Existing Variable Funding Senior Notes
March 19 2020 - 4:30PM
Business Wire
Withdraws 2020 Financial Performance
Guidance
Dine Brands Global, Inc. (NYSE: DIN), the parent company of
Applebee's Neighborhood Grill & Bar® and IHOP® restaurants,
today announced it has drawn down a total of approximately $223
million of the $225 million available under its revolving financing
facility pursuant to its 2019-1 Variable Funding Senior Notes
issued as part of the company’s securitization refinancing in 2019.
Although Dine Brands does not have an immediate need for additional
liquidity, precautionary steps were taken to increase the company’s
financial flexibility in light of unprecedented conditions due to
the COVID-19 outbreak. The proceeds will be used for general
corporate purposes.
The company believes its consolidated financial results for 2020
could be materially impacted by the growing global impact from
COVID-19. As a result, the company has withdrawn its 2020 financial
performance guidance issued on February 24, 2020.
About Dine Brands, 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 over
3,600 restaurants combined in 17 countries and approximately 370
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.
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 of 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, pandemics,
epidemics, 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 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200319005736/en/
Investor Contact Ken Diptee
Executive Director, Investor Relations Dine Brands Global, Inc.
818-637-3632
Media Contact Susan Nelson
Vice President, Global Communications and Public Affairs Dine
Brands Global, Inc. 818-637-4726
Dine Brands Global (NYSE:DIN)
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