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OSI Restaurant fails to get majority consents so far, waives condition
By Susanna Moon
Chicago, Aug. 13 - OSI Restaurant Partners, LLC said it received tenders for $102,207,000, or 41.2%, of its outstanding 10% senior notes due 2015 by the consent deadline at 5 p.m. ET on Aug. 7.
OSI also said it will call the remaining notes for redemption at 102.5% of par plus accrued interest to, but excluding, the Sept. 12 redemption date, representing a total payment of about $153 million, according to an 8-K filing with the Securities and Exchange Commission.
The company accepted for payment all of the notes tendered by the consent date after having waived the minimum consents condition and the initial public offering condition, according to a company press release.
OSI said it expects to use cash on hand, along with proceeds from the Bloomin' Brands IPO, to repurchase the notes.
When the tender offer was announced on July 25, the company said it was 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 IPO with proceeds of at least $140 million.
The total purchase price is $1,028.75, including a $10.00 premium, for each $1,000 principal amount of notes tendered by the consent date.
The tender offer will continue to run until midnight ET on Aug. 21.
Those who tender after the consent date will receive the base payment of $1,018.75 per $1,000 of notes.
Holders also will receive accrued interest to, but not including, the payment date.
Along with the tender offer, OSI is soliciting consents from noteholders to amend the notes.
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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