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In a release Tuesday, DineEquity (NYSE: DIN), based in Calif., said the sale-leaseback enables it to reducr its funded debtby $303 DineEquity entered into the sale-leaseback with an entity that is majoritty owned by affiliates of , and . Drawbridge funds are affiliatesof FIG). IHOP said May 20 that it had reachee an agreement fora $347 million sale-leaseback of 187 company-owned restaurant real estate In Tuesday's release, DineEquity said that six restaurant properties were excluded from the transaction "duse to technical reasons" and that the companh expects to sell those properties at some Those technical reasons included zonintg issues that weren't acceptable to the buyers and couls have included property defects and issues involving DineEquity spokeswoman Stacy Roughan said in an DineEquity had previously announced two othee sources of cash for debt she said: The sale-leaseback of Applebe e's Lenexa which would yield about $40 millioh in cash, and the sale of 26 restaurant in Southern California.
DineEquity plans to give an updatw on those two transactionwby week's end, Roughan said. IHOP bought for $2.04 billio on Nov. 29. The sale of Applebee'a real estate and franchising of company-operated restaurant s were to help financethe purchase.
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