By Paul A. Harris
Portland, Ore., April 6 – Bloomin' Brands, Inc. priced a $300 million issue of eight-year senior notes (B2/B) at par to yield 5 1/8% in a quick-to-market Tuesday trade, according to market sources.
Timing of the deal was accelerated. It was announced early Tuesday as business for the Wednesday session.
The yield came deep inside of the 5¾% to 6% initial guidance, sources said.
J.P. Morgan Securities LLC was at the left of a syndicate of deal managers.
The issuing entity will be OSI Restaurant Partners, LLC, a wholly owned subsidiary of Bloomin' Brands.
The Tampa, Fla.-based casual dining restaurant company plans to use the proceeds to pay down its existing senior secured credit facilities.
Concurrent with the notes offer the company intends to refinance its existing senior secured credit facilities by entering into new senior secured credit facilities, the size, tenor, terms and pricing of which remain to be determined, according to a company press release.
Bloomin' Brands' portfolio includes Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar.
| Issuer: | OSI Restaurant Partners, LLC
|
| Amount: | $300 million
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| Tenor: | Eight years
|
| Securities: | Senior notes
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| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Securities Inc., Rabo, Regions Securities Inc., Truist
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| Coupon: | 5 1/8%
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| Price: | Par
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| Yield: | 5 1/8%
|
| Call protection: | Three years
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| Trade date: | April 6
|
| Ratings: | Moody’s: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Drive-by
|
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