GLENDALE, Calif. -- IHOP Corp., operator and franchiser of International House of Pancakes, said it has arranged a $10 million unsecured revolving line of credit with Continental Bank of Chicago.

Effective through Jan. 31, 1994, the line replaces a $15 million secured revolving credit with another bank.

Continental also served as private placement agent for $32 million of 7.79% unsecured senior notes due 2002 - a related move IHOP previously announced.

Proceeds were used in part to retire $28 million in debts, including $10 million of 12.25% subordinate notes due May 1997, $12.2 million of mortgage and equipment notes due through 2001.

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