DineEquity, the parent company of Applebee’s Neighborhood Grill & Bar and IHOP Restaurants, completed the re-pricing of its senior secured credit facility, including its senior secured revolving credit facility, which remained at $75 million. According to the SEC filing, Barclays Bank led the facility amendment as administrative agent.
In addition, modifications to certain covenants were made to provide added flexibility. As a result of the re-pricing, interest is computed at LIBOR plus 2.75% with a LIBOR floor of 1%, or a current effective term loan rate of 3.75%. The company, at its discretion, can select a Base Rate loan.
As of December 31, 2012, the balance of the company’s senior secured credit facility was $472 million.
Previously on February 25, 2011, DineEquity completed the initial re-pricing of its senior secured credit facility, which lowered the interest rate from 6% to 4.25%.