KBRA Assigns Ratings to Applebee's Funding LLC & IHOP Funding LLC, Series 2025-1 Senior Secured Notes and Takes Other Rating Actions
17 Jun 2025 | New York
KBRA assigns ratings to Applebee's Funding LLC and IHOP Funding LLC (Dine 2025-1), Series 2025-1 Class A-1 Notes and Class A-2 Notes, a whole business securitization (WBS). Dine 2025-1 represents the IHOP Funding LLC and Applebee’s Funding LLC’s (each, a Co-Issuer) sixth series issued by the master trust since 2014. In conjunction with the issuance of the Series 2025-1 Notes, KBRA is affirming the ratings on the Series 2023-1 Class A-2 Notes. Proceeds from Series 2025-1 Notes will be used to repay outstanding amounts on the Series 2019-1 Class A-2-II Notes in full, repay the Series 2022-1 Class A-1 Notes, and pay transaction fees and expenses.
Dine Brands Global, Inc. (Dine Brands or the Company) is the Manager and operator of restaurants under the International House of Pancakes and Applebee's Grill & Bar brand. As of Q1 2025, the Dine Brands’ restaurant system (including non-securitized assets) was approximately 98% franchised with 3,522 restaurants across 50 states (including the District of Columbia) and 23 international markets. As of the last twelve months ending Q1 2025, the Company’s revenue-generating assets produced approximately $7.9 billion in system-wide sales. The securitization collateral includes the system’s domestic locations, totaling 3,172 restaurants, and is approximately 98% franchised.
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