OSI Restaurant talks $1 billion term loan B at Libor plus 375-400 bps

By Sara Rosenberg

New York, Oct. 10 - OSI Restaurant Partners LLC launched its $1 billion seven-year term loan B on Wednesday with price talk of Libor plus 375 basis points to 400 bps with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

The B loan has 101 soft call protection for one year, the source said.

The company's $1,225,000,000 credit facility (BB) also includes a $225 million revolver.

Commitments are due on Oct. 19, the source added.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. are the bookrunners on the deal.

Proceeds will be used to refinance existing debt, including term loans.

OSI Restaurant is a Tampa, Fla.-based casual dining restaurant company.

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