Dine Brands Global, Inc., 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 As a result, the company has withdrawn its 2020 financial performance guidance issued on February 24, 2020.
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