Outback Steakhouse talks $700 million eight-year notes at 9 5/8%-9 7/8%

By Paul A. Harris

St. Louis, April 24 - OSI Restaurant Partners, LLC set price talk for its $700 million offering of eight-year senior notes (Caa1/B-) at 9 5/8% to 9 7/8% on Tuesday, according to an informed source.

Books close at 4 p.m. ET Wednesday except for accounts with meetings scheduled for Wednesday and Thursday.

Books fully close at 10 a.m. ET Thursday, with the deal expected to price thereafter.

Banc of America Securities LLC and Deutsche Bank Securities are joint bookrunners for the Rule 144A with registration rights offering. ABN Amro, GE Capital Markets, Rabo Securities, SunTrust Robinson Humphrey and Wells Fargo Secrurities are co-managers.

The notes will come with four years of call protection.

The company will also put in place $1.35 billion of credit facilities.

Proceeds will be used to 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 issuer is a Tampa, Fla., casual dining restaurant company that operates Outback Steakhouse and other restaurants.

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