DineEquity Finishes Sale-Leaseback Of 181 Applebee’s Locations

MSN Money:

DineEquity Inc., formerly IHOP Corp., has completed the sale-leaseback of 181 Applebee’s-owned restaurant locations - 6 fewer than previously expected - for about $296 million in cash.

In a release Tuesday, Glendale-based DineEquity said the sale-leaseback enables it to reduce its funded debt by $303 million.

DineEquity entered into the sale-leaseback with an entity that is majority owned by affiliates of Drawbridge Special Opportunities Fund LP, Drawbridge Real Assets Fund LP and Cardinal Capital Partners. Drawbridge funds are affiliates of Fortress Investment Group LLC.