DineEquity Inc. announced Wednesday plans to refinance $1.4 billion of debt and credit, as the company looks to take advantage of low interest rates. The Glendale operator of Applebee’s and IHOP restaurant chains entered into a purchase agreement on $1.3 billion of debt that will bear interest at 4.27 percent versus its previous rate of 9.5 percent on the majority of the debt. The company expects to save $50 million in annual interest payments. “Essentially we are taking out the same amount of debt and replacing it at a lower rate,” Ken Diptee, executive director of investor relations, told the Business Journal. The company said it will use the funds to refinance about $761 million of senior notes and $464 of a senior secured credit facility. Remaining proceeds will be used for transaction costs associated with the refinancing. This is the first time the company has refinanced its entire debt since October 2010, Diptee said. The deal is expected to close on Sept. 30. Shares closed up 73 cents, or less than 1 percent, to $84.03 on the New York Stock Exchange.