The subsidiaries will hold the domestic franchising, rental, and financing assets of Applebee's and IHOP, with cash flows from these assets supporting the interest and principal payments on the Class A-2 Notes. Dine Brands also plans to align the maturities of its funding structure by replacing the existing Series 2022-1 Class A-1 Variable Funding Senior Notes with new Series 2025-1 Class A-1 Notes on similar terms. Proceeds from the Class A-2 Notes will go toward repaying outstanding amounts on the 2019-1 Refinancing Notes, covering refinancing transaction costs, and supporting general corporate activities. As of March 31, 2025, the 2019-1 Notes had an outstanding balance of approximately $594 million. Meanwhile, $224 million remained available under the 2022-1 Notes, with $100 million drawn and $1 million pledged for letters of credit. The transaction is expected to close around June 17, 2025, subject to standard closing conditions.