OSI Restaurant sets April 12 launch for $1.35 billion facility

By Sara Rosenberg

New York, April 2 - OSI Restaurant Partners Inc. has firmed up timing on the retail launch of its proposed $1.35 billion senior secured credit facility, with the scheduling of a bank meeting for April 12, according to a market source.

Previously, the deal was labeled as early April business.

Deutsche Bank and Bank of America are the lead banks on the deal, with Deutsche the left lead.

The facility consists of a $1.1 billion seven-year term loan and a $250 million six-year revolving credit facility, according to filings with the Securities and Exchange Commission.

Proceeds will be used to help fund the leveraged buyout of the company 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.

Other LBO financing will come from $800 million of high-yield notes, 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 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.