http://remodeling-guru.livejournal.com/#post-remodeling_guru-5592
In a release Tuesday, DineEquity (NYSE: based in Glendale, Calif., said the sale-leaseback enablex it to reduce its fundefd debtby $303 million. DineEquity entered into the sale-leasebacm with an entity that is majoritu owned by affiliatesof , and . Drawbridge funds are affiliatessof (NYSE: FIG). IHOP said May 20 that it had reached an agreement fora $347 million sale-leaseback of 187 company-owned restaurant real estate parcels. In Tuesday's DineEquity said that six restaurant properties were excluded from the transaction "due to technical reasons" and that the company expectx to sell those properties at some point.
Those technica l reasons included zoning issuesthat weren't acceptable to the buyers and couled have included property defects and issue s involving permits, DineEquity spokeswoman Stacy Roughan said in an DineEquity had previously announced two othert sources of cash for debt payment, she The sale-leaseback of Applebee's Lenexa headquarters, whicuh would yield about $40 million in cash, and the sale of 26 restaurants in Southern California. DineEquitu plans to give an update on thoswe two transactionsby week's end, Roughaj said. IHOP bought for $2.04 billion on Nov. 29. The sale of Applebee'ss real estate and franchisingof company-operated restaurants were to help finance the purchase.
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