Bloomin' Brands Inc. : Bloomin' Brands Announces Proposed Refinancing of Senior Secured Credit Facilities
10/09/2012| 04:27pm US/Eastern
TAMPA, Fla., Oct. 9, 2012 (GLOBE NEWSWIRE) -- Bloomin'
Brands, Inc. (Nasdaq:BLMN) announced today that its
wholly-owned subsidiary, OSI Restaurant Partners, LLC, has
initiated a process to refinance its 2007 senior secured
credit facilities ("2007 Facilities"). The 2007
Facilities provide financing of up to $1.6 billion,
consisting of a senior secured term loan facility, which
matures in June 2014, and a working capital revolving credit
facility and a pre-funded revolving credit facility, both of
which mature in June 2013. The new facilities are expected to
consist of a $1.0 billion Term Loan B and a $225 million
working capital revolving credit facility maturing seven and
five years after the closing date of the new facilities,
respectively. The new facilities are subject to negotiation,
execution and delivery of definitive loan documentation and
various customary closing conditions. Bloomin' Brands,
Inc. expects the term loan to be fully drawn, and the working
capital revolving credit facility to be partially drawn, at
Deutsche Bank Securities and Bank of America Merrill Lynch
are acting as Joint Lead Arrangers and Joint Bookrunners,
while Goldman Sachs, JP Morgan, and Morgan Stanley will serve
as additional Joint Bookrunners.
About Bloomin' Brands, Inc.
Bloomin' Brands, Inc. is a portfolio of restaurants
brands comprised of Outback Steakhouse, Carrabba's
Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse
& Wine Bar and Roy's with more than 1,400 restaurants in
48 states and 20 countries and territories internationally.
Certain statements contained herein are not based on
historical fact and are "forward-looking
statements" within the meaning of the applicable
securities laws and regulations. Generally, these statements
can be identified by the use of words such as
"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: the future
cost and availability of credit; interest rate changes,
compliance with debt covenants and the Company's ability
to make debt payment; the availability of credit presently
arranged from the Company's revolving credit facilities;
local, regional, national and international economic
conditions; consumer confidence and spending patterns; the
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; inflation or
deflation; increases in unemployment rates and taxes;
increases in labor and health insurance costs; 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; the seasonality
of the Company's business; weather, acts of God and other
disasters; demographic trends; the cost of advertising and
media; and government actions and policies. Further
information on potential factors that could affect the
financial results of the Company and its forward-looking
statements is included in its Prospectus filed with the
Securities and Exchange Commission on August 8, 2012. The
Company assumes no obligation to update any forward-looking
statement, except as may be required by law.
CONTACT: Bloomin' Brands, Inc.
Mark W. Seymour, Jr.
Source: Bloomin' Brands, Inc.
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