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IHOP FINALIZES EXTENSION OF $10 MILLION BANK REVOLVING LINE OF CREDIT

 GLENDALE, Calif., July 15 /PRNewswire/ -- IHOP Corp. (NASDAQ: IHOP) today announced that it has completed an agreement with Continental Bank N.A. to extend its $10 million unsecured revolving line of credit through June 30, 1995.
 Richard K. Herzer, chief executive officer, said, "The extension of the $10,000,000 unsecured line of credit expresses Continental Bank's confidence in the company. The line will be used, as necessary, for general corporate purposes including interim financing of real estate acquisitions and their development into International House of Pancakes restaurants."
 In 1993, IHOP and its franchisees and area licensees plan to develop and open approximately 57 restaurants, of which 42 are planned by the company and 15 are planned by franchisees and area licensees. Of the 57 planned for the year, 32 were open as of June 30, 1993.
 Borrowings under the agreement are to bear interest at the bank's reference rate (prime) or, alternatively, at the bank's quoted rate or at a Eurodollar rate. The agreement can be extended annually for additional one-year periods by mutual agreement of IHOP Corp. and Continental Bank N.A.
 Continental Bank N.A. focuses on meeting the capital and financial management needs of public and privately held businesses nationwide. The bank provides business financing, specialized financial and operating services and private banking services. Continental also engages in equity finance and investing, as both principal and arranger, and international trading.
 IHOP Corp., which had system-wide sales of $479 million in 1992, develops, franchises and operates International House of Pancakes restaurants, one of America's best-known national family restaurant chains. As of June 30, 1993, the company had 550 restaurants, of which 382 were operated by franchisees, 58 by the company and 110 by area licensees. IHOP restaurants are located in 35 states, Canada and Japan, with the greatest concentration of restaurants in California, New York/New Jersey, Florida and Texas.
 -0- 7/15/93
 /CONTACT: Larry Alan Kay, executive VP, or Frederick G. Silny, CFO, of IHOP Corp., 818-240-6055/
 (IHOP)


CO: IHOP Corp.; Continental Bank N.A. ST: California IN: LEI SU: FNC

LS-JL -- LA010 -- 1804 07/15/93 09:31 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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