OSI Restaurant tenders, seeks consents for 10% senior notes due 2015

By Susanna Moon

Chicago, July 25 - OSI Restaurant Partners, LLC said it began a tender offer and consent solicitation for its outstanding 10% senior notes due 2015.

The total purchase price will be $1,028.75, including a $10.00 premium, for each $1,000 principal amount of notes tendered by the consent deadline of 5 p.m. ET on Aug. 7.

Holders also will receive accrued interest to, but not including, the payment date.

The tender offer is set to end at midnight ET on Aug. 21.

Along with the tender offer, OSI is soliciting consents from noteholders to amend the notes.

The tender offer is conditioned on OSI having received consents for at least a majority of the notes and the company's ultimate parent, Bloomin' Brands, Inc., having completed its initial public offering with proceeds of at least $140 million, according to a company press release.

Bank of America Merrill Lynch (attn: debt advisory services, 888 292-0070, collect 646 855-3401 or fax 646-855-5028) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 873-5600 or fax 212-430-377) is the information agent.

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

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