Bloomin' Brands Announces Proposed Refinancing of Senior Secured Credit Facilities
April 16 2014 - 9:00AM
Bloomin' Brands, Inc. (Nasdaq:BLMN) (the "Company") today announced
that its wholly-owned subsidiary, OSI Restaurant Partners, LLC, has
initiated a process to refinance a portion of its existing senior
secured credit facilities (the "Credit Facilities"). The existing
Credit Facilities provide for senior secured financing of up to
$1.225 billion, consisting of a $1.0 billion Term Loan B and a
$225.0 million revolving credit facility, which mature in October
2019 and October 2017, respectively.
The new facilities are expected to consist of a $200.0 million
Term Loan A and a $400.0 million revolving credit facility, each
maturing five years after the closing date. The new facilities are
subject to, among other things, negotiation, successful
syndication, execution and delivery of definitive loan
documentation and various customary closing conditions. Bloomin'
Brands, Inc. expects the Term Loan A to be fully drawn, and the
revolving credit facility to be partially drawn, at closing.
Proceeds from the new facilities are expected to be used to pay
down $400 million of the existing Term Loan B and pay the related
fees and expenses associated with the transaction. The balance of
the Term Loan B will remain outstanding and mature as scheduled in
October 2019.
The terms of the refinancing could be materially different than
described above and no assurances can be given that the refinancing
will be consummated.
Wells Fargo Securities, LLC, Merrill, Lynch, Pierce, Fenner
& Smith, Inc. and J.P. Morgan Securities LLC are acting as
Joint Lead Arrangers and Joint Bookrunners on the transaction.
About Bloomin' Brands, Inc.
Bloomin' Brands, Inc. is one of the largest casual dining
restaurant companies in the world. The portfolio of five founder-
inspired brands is comprised of Outback Steakhouse, Carrabba's
Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse &
Wine Bar and Roy's with more than 1,500 restaurants in 48 states,
Puerto Rico, Guam and 21 countries. For more information, visit
bloominbrands.com.
Forward-Looking Statements
Certain statements contained herein are not based on historical
fact and are "forward-looking statements" within the meaning of
applicable securities laws. Generally, these statements can be
identified by the use of words such as "believes," "estimates,"
"anticipates," "expects," "feels," "forecasts," "seeks,"
"projects," "intends," "plans," "may," "will," "should," "could,"
"would" and similar expressions intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. These forward-looking
statements include all matters that are not historical facts. By
their nature, forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from the Company's forward-looking statements. These risks and
uncertainties include, but are not limited to: local, regional,
national and international economic conditions; consumer confidence
and spending patterns; price and availability of commodities, such
as beef, chicken, shrimp, pork, seafood, dairy, potatoes, onions
and energy supplies, which are subject to fluctuation and could
increase or decrease more than the Company expects; weather, acts
of God and other disasters; the seasonality of the Company's
business; inflation or deflation; increases in unemployment rates
and taxes; increases in labor and health insurance costs;
competition and changes in consumer tastes and the level of
acceptance of the Company's restaurant concepts (including consumer
acceptance of prices); consumer reaction to public health issues;
consumer perception of food safety; demographic trends; the cost of
advertising and media; government actions and policies; interest
rate changes, compliance with debt covenants and the Company's
ability to make debt payments; the availability of credit presently
arranged from the Company's revolving credit facilities; and the
future cost and availability of credit. Further information on
potential factors that could affect the financial results of the
Company and its forward-looking statements is included in its Form
10-K filed on March 3, 2014, prospectus and prospectus supplement
dated March 4, 2014 and its other filings with the Securities and
Exchange Commission. The Company assumes no obligation to update
any forward-looking statement, except as may be required by law.
These forward-looking statements speak only as of the date of this
release. All forward-looking statements are qualified in their
entirety by this cautionary statement.
CONTACT: Bloomin' Brands, Inc.
Investor Relations
Chris Meyer
(813) 830-5311
Investor@bloominbrands.com
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