IHOP Corp. Enters Into Sale-Leaseback Agreement for 187 Parcels of Applebee's Company-Owned Restaurant Real Estate
20 Maio 2008 - 8:00AM
Marketwired
GLENDALE, CA today announced that its Applebee's business unit
has entered into a purchase and sale agreement with a newly formed
entity affiliated with Drawbridge Special Opportunities Fund LP;
Drawbridge Real Assets Fund LP; and various affiliates, for the
sale-leaseback of 187 company-owned restaurant real estate parcels.
The sale of the real estate is currently expected to generate gross
proceeds of approximately $347 million before taxes. Drawbridge
funds are an affiliate of Fortress Investment Group, a publicly
traded alternative asset manager.
The transaction is expected to close no later than June 16,
2008. After-tax cash proceeds from the sale-leaseback of these
properties are expected to be dedicated toward the pay down of the
Company's funded debt.
The estimated gross purchase price for the properties before
taxes is subject to further adjustment based on restaurant sales
for the 12-month trailing period ending April 30, 2008, the final
results of which are not yet available. The final sales figures for
April 2008 are expected to be available and the purchase price
finalized no later than June 1, 2008. The buyer also possesses a
limited right not to purchase up to a maximum of 15% of the total
number of restaurant sites and to adjust the purchase price
accordingly, but only if such properties are determined to have
material defects relating to property condition, title, survey,
zoning or access.
As previously announced, IHOP Corp. intends to franchise the
large majority of Applebee's company-operated restaurants. The
transaction has been structured so that Applebee's will have the
ability to assign and transfer lease obligations related to this
sale-leaseback to franchisees upon the sale of company-operated
Applebee's restaurants. For additional information about the
transaction, please refer to the Form 8-K that IHOP Corp. intends
to file with the Securities and Exchange Commission in conjunction
with this news release.
About IHOP Corp.
Based in Glendale, California, IHOP Corp. franchises and
operates restaurants under the International House of Pancakes, or
IHOP, and the Applebee's Neighborhood Grill & Bar brands. With
more than 3,300 restaurants combined, IHOP Corp. is the largest
full-service restaurant company in the world. IHOP Corp.'s common
stock is listed on the NYSE under the symbol "IHP." For more
information on IHOP Corp., visit the Investor Relations section of
the Company's Web site located at www.ihop.com.
Forward-Looking Statements
There are forward-looking statements contained in this news
release. They use such words as "may," "will," "expect," "believe,"
"plan," or other similar terminology, and include statements
regarding the strategic and financial benefits of the acquisition
of Applebee's International, Inc., expectations regarding
integration and cost savings, and other financial guidance. These
statements involve known and unknown risks, uncertainties and other
factors, which may cause the actual results to be materially
different than those expressed or implied in such statements. These
factors include, but are not limited to: the implementation of the
Company's strategic growth plan; the availability of suitable
locations and terms for the sites designated for development; the
ability of franchise developers to fulfill their commitments to
build new restaurants in the numbers and time frames covered by
their development agreements; legislation and government regulation
including the ability to obtain satisfactory regulatory approvals;
risks associated with executing the Company's strategic plan for
Applebee's; risks associated with the Company's incurrence of
significant indebtedness to finance the acquisition of Applebee's;
the failure to realize the synergies and other perceived advantages
resulting from the acquisition; costs and potential litigation
associated with the acquisition; the ability to retain key
personnel after the acquisition; conditions beyond the Company's
control such as weather, natural disasters, disease outbreaks,
epidemics or pandemics impacting the Company's customers or food
supplies; or acts of war or terrorism; availability and cost of
materials and labor; cost and availability of capital; competition;
continuing acceptance of the IHOP, International House of Pancakes
and Applebee's brands and concepts by guests and franchisees; the
Company's overall marketing, operational and financial performance;
economic and political conditions; adoption of new, or changes in,
accounting policies and practices; and other factors discussed from
time to time in the Company's news releases, public statements
and/or filings with the Securities and Exchange Commission,
especially the "Risk Factors" sections of Annual and Quarterly
Reports on Forms 10-K and 10-Q. Forward-looking information is
provided by IHOP Corp. pursuant to the safe harbor established
under the Private Securities Litigation Reform Act of 1995 and
should be evaluated in the context of these factors. In addition,
the Company disclaims any intent or obligation to update these
forward-looking statements.
Stacy Roughan Director, Investor Relations IHOP Corp.
818-637-3632
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