IHOP 2009 Annual Report Download - page 125
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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
8. Debt (Continued)
Third Party Credit Enhancement
The Series 2007-3 FRN does not have any third party credit enhancement.
Covenants/Restrictions
The covenants under the Indenture and applicable to all notes were modified with the consent of
the holders of the Series 2007-1 FRN.
Prepayment Penalties
In the event a significant portion of the securitization debt is repaid prior to December 2012, the
Company may be liable for certain make-whole prepayment penalties with respect to the securitization
debt and the applicable insurance policies. The amount of any prepayment penalty with respect to the
securitization debt would be determined based upon, among other things, the date of repayment,
prevailing benchmark interest rates at the time of repayment and the percentage of debt repaid.
Weighted Average Effective Interest Rate
The weighted average effective interest rate on all of the notes issued in the November 2007
securitization transactions, exclusive of the amortization of fees and expenses associated with the
securitization transactions, is 7.1799%. Taking into account fees and expenses (excluding the interest
rate swap transaction discussed below) associated with the securitization transactions that will be
amortized as additional non-cash interest expense over a five-year period, which is the expected life of
the notes, the weighted average effective interest rate for the notes issued in November 2007
securitization transactions is 8.4571%.
Covenants/Restrictions Compliance
The Company was in compliance with all the covenants/restriction related to the March 2007 and
November 2007 securitized notes as of December 31, 2009 and has been in compliance for each month
since issuance of the securitized notes.
Maturities
At December 31, 2009, the aggregate amounts of existing long-term debt maturing in each of the
next five years and thereafter are as follows:
(In millions)
2010 .................................................. $ 25.2
2011 .................................................. 25.2
2012 .................................................. 1,612.0
2013 .................................................. —
2014 .................................................. —
Thereafter ............................................. —
$1,662.4
106