The firm recently represented Barclays Capital Inc. and Goldman, Sachs & Co. in connection with a Rule 144A and Regulation S offering by DineEquity, Inc. (“DineEquity”) of $825 million aggregate principal amount of 9.5% Senior Notes due 2018 and a $950 million credit facility, consisting of a $900 million senior secured first lien term loan facility maturing October 2017 and a $50 million senior secured first lien revolving loan facility maturing October 2015.
The high yield offering and credit facility were part of a $1.6 billion refinancing by DineEquity. DineEquity used the full $900 million of proceeds under the term loan, together with the proceeds of the $825 million notes offering, to purchase, redeem, or prepay, as applicable, all of its approximately $1.6 billion outstanding securitization notes issued by certain of its subsidiaries and to redeem a portion of its Series A Perpetual Preferred Stock. The securitization notes were issued in 2007 by certain subsidiaries of DineEquity in connection with the financing of DineEquity’s acquisition of Applebee’s International, Inc.
The firm also represented Barclays Capital and Goldman Sachs as the dealer-managers in connection with the related tender offers for certain series of the securitization notes of certain DineEquity subsidiaries and as the solicitation agents in connection with the related consent solicitation for one series of securitization notes, which closed concurrently with the closing of the notes offering and the borrowing under the credit facility.
DineEquity, through its subsidiaries, franchises and operates restaurants under the Applebee’s Neighborhood Grill & Bar and IHOP brands. With nearly 3,500 restaurants combined, DineEquity is the largest full-service restaurant company in the world, with net revenues of over $1.4 billion in 2009.
The attorney team included Mort Pierce, Michelle Rutta, John Cobb, Patti Marks, Jackie Rose, JD DeSantis, Margaret Lam, Tracey Brady, Heather Viets, Peter Puk, Emily Beers, Abbey Mansfield and Matt Morgenstern, with assistance from Robert Koster on derivative matters, Art Hazlitt, Bill Kellogg and Shane Milam on tax matters, Stan Lovenworth, Bill MacDonald and Monique Ribando on intellectual property matters and Marianne McKeon on blue sky matters.
