Bloomin' Brands (BLMN) Announces Proposed Refinancing of Senior Secured Credit Facilities
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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 closing.
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 closing.
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