TAMPA, Fla., Feb. 26, 2015 /PRNewswire/ -- Bloomin'
Brands, Inc. (the "Company") (Nasdaq: BLMN) today announced the
sale by investment funds advised by Bain Capital Partners, LLC (the
"Selling Stockholders") of an aggregate of 18,307,782 shares of the
Company's common stock to J.P. Morgan, as the underwriter in the
registered public offering of those shares. The Selling
Stockholders will receive all of the proceeds from this offering.
No shares are being sold by the Company.
Subject to completion of the offering, the Company will
repurchase from the underwriter approximately $70 million of the shares of common stock being
sold by the Selling Stockholders. The Company's purchase price per
share for the repurchased shares will be equal to the price per
share to be paid by the underwriter to the Selling Stockholders.
The Company expects to fund the share repurchase with cash on hand
and borrowings under its revolving credit facility. The share
repurchase is part of the Company's existing $100 million share repurchase program.
After giving effect to the repurchase, the Company will have
remaining authorization to purchase up to approximately
$30 million of common stock under the
repurchase program.
The last reported sale price of the Company's common stock on
February 26, 2015 was $25.36 per share. The underwriter proposes
to offer for sale the shares of common stock from time to time in
one or more transactions on NASDAQ, in the over-the-counter market,
through negotiated transactions or otherwise at market prices
prevailing at the time of sale, at prices related to prevailing
market prices or at negotiated prices, subject to receipt and
acceptance by it and subject to its right to reject any order in
whole or in part.
Following the offering, the Selling Stockholders will not own
any shares of common stock of the Company.
The Company has filed a registration statement (including a
prospectus) with the Securities and Exchange Commission ("SEC") for
the offering to which this communication relates. Before you
invest, you should read the prospectus in that registration
statement and other documents the Company has filed with the SEC
for more complete information about the Company and this offering.
You may obtain these documents for free by visiting EDGAR on the
SEC Web site at: www.sec.gov. Alternatively, copies of the
prospectus supplement and accompanying prospectus relating to the
offering, when available, may be obtained from: J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewater, NY
11717, Phone: 866-803-9204.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these shares in any state in which such offer, solicitation or sale
would be unlawful, prior to registration or qualification under the
securities laws of any state.
About Bloomin' Brands, Inc.
The Company is one of the largest casual dining restaurant
companies in the world with a portfolio of leading, differentiated
restaurant concepts. The Company has four founder-inspired brands:
Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill and
Fleming's Prime Steakhouse & Wine Bar. The Company operates
approximately 1,500 restaurants in 48 states, Puerto Rico, Guam and 21 countries, some of which are
franchise locations.
Forward-Looking Statements
Certain information contained in this press release,
particularly information regarding completion of the offering and
share repurchase, constitutes forward-looking statements.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts and generally
contain words such as "believes", "expects", "may", "will",
"intends" or similar expressions. The Company's forward-looking
statements are subject to risks and uncertainties, which may cause
actual results to differ materially from those projected or implied
by the forward-looking statements. These risks and uncertainties
include, but are not limited to market conditions; local, regional,
national and international economic conditions; and other factors
disclosed from time to time in the prospectus, the Company's Annual
Report on Form 10-K and other filings with the Securities and
Exchange Commission. Forward-looking statements are based on
current expectations and assumptions and currently available data
and are neither predictions nor guarantees of future events or
performance. You should not place undue reliance on forward-looking
statements which speak only as of the date hereof. We do not
undertake to update or revise any forward-looking statements after
they are made, whether as a result of new information, future
events, or otherwise, except as required by applicable law.
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CONTACT:
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Bloomin' Brands,
Inc.
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Investor
Relations
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Chris
Meyer
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(813)
830-5311
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Investor@bloominbrands.com
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SOURCE Bloomin' Brands, Inc.