OSI Restaurant plans new debt financing for buyout by investor group

By Sara Rosenberg

New York, Nov. 6 - OSI Restaurant Partners Inc. has received a debt commitment letter to help fund its leveraged buyout 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, according to an 8-K filed with the Securities and Exchange Commission Monday.

The total transaction value, including assumed debt, is $3.2 billion, with OSI stockholders receiving $40.00 per share in cash.

The buyout is expected to close prior to the end of April 2007, subject to customary closing conditions and approval of OSI's shareholders.

OSI is a Tampa, Fla., casual dining restaurants 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.

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