IHOP Corp. Subsidiaries Complete $2.039 Billion Securitized Financing to Fund Its Acquisition of Applebee's

GLENDALE, CA, Nov 29 (MARKET WIRE) -- IHOP Corp. (NYSE: IHP) today announced that certain of its subsidiaries have successfully completed two separate securitization transactions with total proceeds of $2.039 billion. The securitization transactions consisted of an issuance of debt collateralized by IHOP restaurant assets and a separateissuance of debt collateralized by Applebee's restaurant assets. In addition, IHOP Corp. has completed a private placement of $190 million of non-convertible preferred stock and $35 million of convertible preferred stock. The proceeds of these financings were used to fund IHOP Corp.'s acquisition of Applebee's International, Inc, which closed today.

The Applebee's securitization totaled $1.794 billion and consisted of four classes of Fixed Rate Notes:

-- $675 million of Class A-2-II-A Senior Notes which have the benefit of -- $675 million of Class A-2-II-A Senior Notes which have the benefit of

a financial guaranty insurance policy covering payment of interest when due

and payment of principal at the applicable legal final maturity date.

These notes have an expected life of approximately five years, with a legal

maturity of 30 years.

-- $650 million of Class A-2-II-X Senior Notes, which do not have the -- $650 million of Class A-2-II-X Senior Notes, which do not have the

benefit of a financial guaranty insurance policy. These notes have an

expected life of approximately five years, with a legal maturity of 30

years.

-- $350 million of Class A-2-I Senior Notes which do not have the benefit -- $350 million of Class A-2-I Senior Notes which do not have the benefit

of a financial guaranty insurance policy. These notes have an expected

life of approximately six months, with a legal maturity of 30 years.

-- $119 million of Class M-1 Subordinated Notes which do not have the -- $119 million of Class M-1 Subordinated Notes which do not have the

benefit of a financial guaranty insurance policy. These notes have an