OSI Restaurant LBO financing to include $1.35 billion facility, $800 million bonds

By Sara Rosenberg

New York, Jan. 17 - OSI Restaurant Partners Inc. detailed its leveraged buyout financing plans including that there will be a $1.35 billion senior secured credit facility and $800 million of high-yield notes, according to an SC 13E3 filed with the Securities and Exchange Commission Wednesday.

Deutsche Bank and Bank of America are the lead banks on the debt financing, with Deutsche listed on the left for the credit facility and Bank of America listed on the left for the bonds in the SEC filing.

The credit facility consists of a $1.1 billion seven-year term loan and a $250 million six-year revolving credit facility.

Other LBO financing will come from at least $500 million in real estate financings and $1.003 billion in equity.

Debt to EBITDA is expected to be 6.9 times at close.

OSI is being acquired by an investor group comprised of Bain Capital Partners, LLC, Catterton Partners and company founders Chris T. Sullivan, Robert D. Basham and J. Timothy Gannon.

The total transaction value, including assumed debt, is $3.2 billion, with OSI stockholders receiving $40.00 per share in cash.

The buyout is expected to close prior to the end of April, subject to customary closing conditions and approval of OSI's shareholders.

OSI is a Tampa, Fla., casual dining restaurant company with a portfolio of brands, including Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse & Wine Bar, Roy's, Lee Roy Selmon's, Blue Coral Seafood & Spirits and Cheeseburger in Paradise.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.