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Prospect News home > News index > List of issuers O > Headlines for OSI Restaurant Partners Inc. > News item |
OSI cancels $550 million eight-year note issue
By Paul A. Harris
St. Louis, May 8 - OSI Restaurant Partners, LLC canceled its $550 million issue of 9 5/8% senior notes (Caa1/B-) one day before it was to settle because the company did not receive sufficient shareholder approval to proceed with the going-private transaction for which the notes were issued.
Hence all trades in the issue, which was priced on April 26, must be unwound.
Shareholder polling has been extended to May 15.
If approval is given to the leveraged buyout, the company will return to the market with a bond deal, according to a market source.
Banc of America Securities LLC was the left bookrunner for the deal.
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