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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Bloomin’ Brands Closes Debt Refi With Wells Fargo Securities, Others
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Lenders/Participants
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Wells Fargo Securities [Joint Lead Arranger, Joint Bookrunner]
Merrill Lynch [Joint Lead Arranger, Joint Bookrunner]
J.P. Morgan Securities [Joint Lead Arranger, Joint Bookrunner]
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Structure
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$600MM Revolver; $525MM in Term Loans
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Amount
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$1.125
Billion
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Borrower(s)
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Bloomin' Brands, Inc., OSI Restaurant Partners, LLC
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Description
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The new credit facilities provide for senior secured financing of up to $1.125 billion, and consist of a $300.0 million Term Loan A, a $225.0 million Term Loan B and a $600.0 million revolving credit facility. Prior to the refinancing, the company had an outstanding balance of $925.0 million on its Term Loan B. Proceeds from the new Credit Facilities of $300.0 million of Term Loan A and $400.0 million drawn on the new revolving credit facility are being used to pay down the outstanding Term Loan B balance from $925.0 million to $225.0 million. As of the closing, $200.0 million of the revolving credit facility is undrawn. The total debt of the Company remains unchanged. The Term Loan A and revolving credit facility will mature in May 2019. The Term Loan B will mature as scheduled in October 2019. The interest rate on the Term Loan A and revolving credit facility is based on the Company's leverage ratio and can range from LIBOR plus 1.75 percent to 2.25 percent with no LIBOR floor. The initial interest rate is LIBOR plus 2.00 percent. The Term Loan B interest rate is LIBOR plus 2.50 percent with a 1.00 percent LIBOR floor.
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Industry
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Restaurant
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| Related Tags |
J.P. Morgan Securities, Merrill Lynch, Wells Fargo Securities
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ABL Advisor
Deal Tables
2025
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