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OSI Restaurant flexes $1 billion term loan B to Libor plus 350 bps
By Sara Rosenberg
New York, Oct. 23 - OSI Restaurant Partners LLC reduced pricing on its $1 billion seven-year term loan B to Libor plus 350 basis points from talk of Libor plus 375 bps to 400 bps, according to a market source.
As before, the loan has a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.
The company's $1,225,000,000 credit facility (B1/BB) also includes a $225 million revolver.
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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