OSI Restaurant cuts bonds to $550 million, shifts $150 million to term loan

By Paul A. Harris

St. Louis, April 25 - OSI Restaurant Partners, LLC downsized to $550 million from $700 million its offering of eight-year senior notes (Caa1/B-), shifting $150 million of its leveraged buyout financing to its term loan, according to an informed source.

Price talk remains 9 5/8% to 9 7/8%.

The books closed 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 LBO 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 restaurants company that owns and operates Outback Steakhouse.

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