DineEquity Reducing Debt Through Restaurant Sale

DineEquity Inc. is selling 63 company-owned Applebee’s Neighborhood Grill & Bar restaurants in Minnesota and parts of Washington as a costs savings measure. Glendale-based DineEquity is expected to reduce its debt by nearly $100 million through the sale that will close in the fourth quarter. Shedding lease and other obligations related to the restaurants alone reduces the company debt by $77 million. Apple American Group LLC currently owns and operates 206 Applebee’s restaurants in Ohio, Indiana, New Jersey, Delaware, Pennsylvania, West Virginia, Washington, California and Nevada The Apple American Group LLC is committed to reinvesting in the Applebee’s brand through new restaurant development, acquisition and restaurant remodel programs, DineEquity Chairman and CEO Julia Stewart. Not including the recent deal with Apple American Group, DineEquity has sold 110 Applebee’s company-operated restaurants in five states since it acquisition of Applebee’s International in November 2007. Jessica Selva