S&P affirms OSI loan

Standard & Poor's said it affirmed its bank loan and recovery ratings on OSI Restaurant Partners Inc.'s proposed senior secured facilities, following the announcement that the company will increase the term loan principal amount by $150 million to $1.23 billion.

The agency said that the secured loan rating is BB-, one notch higher than the corporate credit rating on OSI and the recovery rating is 1.

Other changes to the debt financing structure include a $150 million reduction in the size of the proposed senior unsecured notes due 2015, the agency said, noting that proceeds from the new term loan will be used to offset the decrease in senior unsecured notes.

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