Brinker International (EAT) Prices Aggregate $350M Senior Notes Offering

September 21, 2016 6:11 AM EDT

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Brinker International, Inc. (NYSE: EAT) announced that it has priced its previously announced notes offering and has agreed to issue and sell $350 million aggregate principal amount of 5.000% Senior Notes due 2024 (the "Notes"). The Notes will be sold to investors at 100% of the principal amount.

The Notes will be guaranteed on a senior unsecured basis by each of the Company's subsidiaries that guarantees its amended revolving credit facility. Net proceeds from the offering of the Notes will be used to repurchase up to $300 million of the Company's common stock and repay up to $50 million of outstanding indebtedness under the Company's revolving credit facility. The closing of the Notes offering is scheduled to occur on Sept. 23, 2016, subject to customary closing conditions.

The Notes have not and will not be registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from such registration requirements. Accordingly, the Notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and to non-U.S. persons in offshore transactions outside the United States in accordance with Regulation S under the Securities Act. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.



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