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Bloomin’ Brands Seeks to Reprice $1 Billion Senior Secured Term Loan B

March 29, 2013, 07:03 AM
Filed Under: Industry News

Bloomin' Brands, Inc. announced that its wholly-owned subsidiary, OSI Restaurant Partners, intends to seek a repricing of its existing $1.0 billion senior secured term loan B credit facility maturing in 2019, to benefit from lower interest rates currently available in the senior secured debt markets. In connection with the proposed repricing, the Term Loan B would be replaced with a $975.0 million senior secured term loan B credit facility, which takes into account voluntary principal prepayments of $25.0 million made during the first quarter of 2013 on the existing Term Loan B.

OSI anticipates the proposed repricing process will be completed within the next two weeks. However, there can be no assurance that OSI will be able to effect the repricing.

Deutsche Bank Securities Inc and Merrill Lynch, Pierce, Fenner & Smith Incorporated will act as joint lead arrangers, and each of Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Goldman Sachs Bank USA, J.P. Morgan Securities LLC, and Morgan Stanley Senior Funding, Inc., will act as joint lead bookrunners.

Bloomin' Brands, Inc. is a portfolio of restaurant brands comprised of Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, Fleming'sPrime Steakhouse & Wine Bar and Roy's with more than 1,450 restaurants in 48 states, Puerto Rico, Guam and 19 countries.

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