DineEquity, Inc. (DIN), the parent company of Applebee's Neighborhood Grill & Bar and IHOP Restaurants, announced a capital allocation strategy that includes the approval by its Board of Directors of a first quarter cash dividend of $0.75 per share of common stock.
DineEquity's Board declared the dividend, payable on March 29, 2013, to the Company's shareholders of record as of the close of business on March 15, 2013.
The Board also approved a $100 million share repurchase authorization, effective immediately, which replaces the $45 million share repurchase authorization previously announced by the Company in August 2011.
The company remains subject to certain mandatory debt reduction requirements related to capital leases and the annual amortization payment of $4.7 million associated with the recently announced re-pricing of its senior secured credit facility.
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