Kirkland Represents Dine Brands Global on $600 Million Securitized Financing Facility

Kirkland & Ellis advised Dine Brands Global, Inc. (NYSE:DIN), one of the largest full-service restaurant companies in the world, in connection with the offering of $600 million in Series 2025-1 Class A-2 notes under its whole-business securitization facility. Dine Brands, through its subsidiaries, franchises restaurants under the Applebee’s Neighborhood Grill + Bar® and IHOP® brands. Collateral for the notes includes existing and future domestic franchise agreements and associated royalties and fees and certain other revenue streams. A portion of the proceeds of the notes will be used to repay existing indebtedness.

This whole-business securitization is one of the many complex structured financings Kirkland’s Structured Finance & Structured Private Credit team helped our clients with in early 2025, including:

• Leading private capital firm in its $1.18 billion collateralized fund obligation facility backed by a diversified pool of limited partnership and co-investment interests.
• Major internet services provider in a $1.35 billion privately rated securitization of cashflows from internet infrastructure assets.
• Switch, a data center operator, in a $1.1 billion Rule 144A securitization financing.
• Fiber-to-the-premise operator in the pricing of a $1 billion private placement of notes secured by fiber network assets and customer agreements.
• Metro Communications in a $322 million private placement of term and delayed draw notes secured by fiber network assets and customer agreements.
• Performance-rights organization in a revolving credit facility secured by music rights.
• Diversified Energy in a securitization of oil and gas revenues.
• Travel + Leisure in a $350 million securitization of timeshare loans.

Benefit Street Partners, Blue Owl, CVC, Napier Park and Oaktree in numerous CLO transactions. The Kirkland team included structured finance lawyers Michael Urschel, Thomas Prommer, David Kobray, Shuang Wu, Brooke Brimo and Anne Li; capital markets lawyer Leia Pearl Andrew; tax lawyers Jon Nelsen and Weiwei Chen; ERISA investment funds lawyers Joe Lifsics and Robert Zitko; government & internal investigations lawyer Nick Niles; and investment funds lawyers Felix Jen.