DALLAS, May 6, 2020 /PRNewswire/ -- Brinker
International, Inc. (NYSE: EAT) (the "Company") announced today
that it has priced an underwritten public offering of 7,000,000
shares of its common stock at $18.25
per share. The Company granted the underwriters a 30-day option to
purchase up to an additional 1,050,000 shares of common stock. The
offering is expected to close on or about May 11, 2020, subject to customary closing
conditions.
The Company expects to receive net proceeds of approximately
$121 million (or approximately
$139 million if the underwriters
exercise in full their option to purchase additional shares of
common stock), after deducting the underwriters' discounts and
commissions and estimated offering expenses. The Company intends to
use the net proceeds from this offering, including any net proceeds
from the underwriters' exercise of their option for general
corporate purposes.
J.P. Morgan and BofA Securities are acting as lead book-running
managers and representatives of the underwriters for the offering.
Wells Fargo Securities, Barclays, SunTrust Robinson Humphrey and
MUFG will be serving as book-running managers, and BTIG, PNC
Capital Markets LLC and Regions Securities LLC will be serving as
co-managers.
The shares of common stock are being offered and sold pursuant
to an effective shelf registration statement on Form S-3 previously
filed with the Securities and Exchange Commission (the
"SEC"). The offering will be made only by means of a
preliminary prospectus supplement and the accompanying base
prospectus, which may be obtained free of charge on the SEC's
website at www.sec.gov or by sending a request to J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, New York
11717, by email at prospectus-eq_fi@jpmchase.com or toll-free at
(866) 803-9204 or to BofA Securities, NC1-004-03-43, 200 North
College Street, 3rd Fl., Charlotte, NC 28255-0001, Attn:
Prospectus Department. Email: dg.prospectus_requests@bofa.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
ABOUT BRINKER
Brinker International, Inc. is one of the world's leading casual
dining restaurant companies. Based in Dallas, Texas, as of March 25, 2020, Brinker owned, operated, or
franchised 1,675 restaurants under the names Chili's® Grill &
Bar (1,622 restaurants) and Maggiano's Little Italy® (53
restaurants).
FORWARD-LOOKING STATEMENTS
The statements contained in this release that are not historical
facts are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. The forward-looking statements in this
release are based on information available to us as of the date any
such statements are made and we assume no obligation to update
these forward-looking statements except as required by law.
Forward-looking statements are based on our current plans and
expectations and involve risks and uncertainties which could cause
actual results to differ materially from those projected in
forward-looking statements. These risks and uncertainties are, in
many instances, beyond our control. Such risks and uncertainties
include, among other things, health epidemics or pandemics (such as
COVID-19), the impact of competition, changes in consumer
preferences, consumer perception of food safety, reduced disposable
income, unfavorable publicity, increased minimum wages,
governmental regulations, the impact of mergers, acquisitions,
divestitures and other strategic transactions, the Company's
ability to meet its business strategy plan, third party delivery
risks, loss of key management personnel, failure to hire and retain
high-quality restaurant management, the impact of social media,
failure to protect the security of data of our guests and team
members, product availability, regional business and economic
conditions, litigation, franchisee success, downgrades in our
credit ratings, inflation, changes in the retail industry,
technology failures, failure to protect our intellectual property,
outsourcing, impairment of goodwill or assets, failure to maintain
effective internal control over financial reporting, actions of
activist shareholders, adverse weather conditions, terrorist acts,
health epidemics or pandemics, and tax reform, as well as the risks
described under the caption "Risk Factors" in our most-recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
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SOURCE Brinker International, Inc.