This excerpt taken from the DIN 8-K filed May 4, 2009.
In line with managements stated objective of dedicating discretionary free cash flow to the retirement of consolidated debt, DineEquity retired $78.4 million of debt at a discount to face value during the first quarter 2009.
DineEquity continued to remain comfortably within compliance with its key debt covenants as of the end of the first quarter 2009. The Companys consolidated leverage ratio was 6.2x, and its debt service coverage ratios were 3.7x for IHOPs securitization on a three-month unadjusted basis and 3.7x for the Applebees securitization on three-month adjusted basis. Both calculations are defined by the Companys securitized debt agreement. DineEquity has provided supplemental information to this news release regarding its compliance with its debt covenants, which may be accessed by visiting the Calls & Presentations section of DineEquitys Investor Relations website at http://investors.dineequity.com and referring to supporting materials for the Companys first quarter 2009 webcast.