Bloomin' Brands extends $1.2B credit facility to 2031

Bloomin' Brands, Inc. (Nasdaq: BLMN) has amended and restated its revolving credit facility, extending the maturity date to September 25, 2031, according to a press release from the Tampa, Fla.-based company.

The $1.2 billion facility, held jointly with its wholly-owned subsidiary OSI Restaurant Partners, LLC, retained substantially unchanged lender commitments, interest rate elections, and spreads. The company described the transaction as leverage neutral.

The amendment adds a new senior secured net leverage ratio covenant. No other material changes were made to existing affirmative and negative covenants or other terms.

Chief Executive Officer Mike Spanos said, "This refinancing strengthens our capital structure by extending the maturity of our revolving credit facility through September 2031 while maintaining favorable pricing and substantial liquidity."

Bloomin' Brands operates more than 1,440 restaurants across 46 states, Guam, and 12 countries under the Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse & Wine Bar brands. Additional details will be filed in a Form 8-K with the Securities and Exchange Commission.

You May Also Be Interested In

• HeartSciences sets shareholder vote on Fortitude Mining merger
• FDA clears Edwards Lifesciences PASCAL system for tricuspid repair
• UDR and Apollo form $2B apartment portfolio joint venture