Dine Brands Global, Inc., the parent company of Applebee's, IHOP, and Fuzzy's Taco Shop, has completed the refinancing of its existing long-term debt through a securitization. The corporation's special purpose subsidiaries issued $600 million of Series 2025-1 Class A-2 Fixed Rate Senior Secured Notes with a fixed coupon rate of 6.720% per annum, payable quarterly, and an expected term of five years. Additionally, the Co-Issuers have entered into a purchase agreement for the issuance of up to $325 million of Series 2025-1 Class A-1 Variable Funding Senior Notes, which allows borrowing on a revolving basis and the issuance of letters of credit. The net proceeds are intended to repay outstanding amounts under the existing Series 2019-1 Class A-2-II Notes, cover refinancing transaction costs, and for general corporate purposes.