S&P Removes Darden Restaurants (DRI) from CreditWatch Negative
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Darden Restaurants (DRI) Completes 90% of Debt Retirement; Updates on FY15 Quarterly Ests
August 11, 2014 8:34 AM EDTDarden Restaurants (NYSE: DRI) has completed the repurchase of approximately $900 million of the previously announced $1 billion debt retirement leaving approximately $1.6 billion of debt on its balance sheet. The remaining $100 million of debt has been called for redemption and is expected to be retired later in August 2014. As previously announced, the Company used after-tax proceeds from its sale of Red Lobster to consummate the debt retirement and to initiate a $500 million accelerated stock buyback (ASB) program.
With the closing of the debt retirement, the Company is affirming its previously announced fiscal 2015 outlook and providing... More
