IHOP Gets $15-Million Line of Credit From Bank

Bank of America will provide IHOP Corp. with a $15-million line of credit under an agreement reached by the companies.

The new three-year credit line would replace an existing $4.7-million line of credit with another bank, said IHOP, the Glendale-based parent of the International House of Pancakes restaurant chain.

Under terms of the new credit line, $7.5 million is available for buying and developing restaurants and the balance is for general corporate purposes, IHOP said. IHOP, whose system currently includes 504 outlets, plans to open an additional 30 restaurants this year.