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OSI Restaurant settles early tenders for 10% notes, calls remainder
By Susanna Moon
Chicago, Aug. 22 - OSI Restaurant Partners, LLC said it received no more tenders of its outstanding 10% senior notes due 2015 since the consent deadline.
The tender offer ended at midnight ET on Aug. 21.
The company settled early tenders for $102,207,000, or 41.2%, of the notes on Aug. 13. Those notes were tendered by 5 p.m. ET on Aug. 7, the consent date.
As planned, the company also called the remaining notes for redemption on Sept. 12. OSI previously said it would call the remaining notes at 102.5% of par plus accrued interest to, but excluding, the redemption date, representing a total payment of about $153 million.
OSI used cash on hand, along with proceeds from the initial public offering of shares of its ultimate parent company, Bloomin' Brands, Inc., to fund the offer and call, according to a company press release.
The company said on Aug. 13 that it accepted for payment all of the notes tendered by the consent date after having waived the minimum consents condition and the IPO condition.
When the tender offer was announced on July 25, the company said it was conditioned on OSI having received consents for 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 was $1,028.75, including a $10.00 premium, for each $1,000 principal amount of notes tendered by the consent date.
Those who tendered after the consent date would have received the base payment of $1,018.75 per $1,000 of notes.
Holders also received accrued interest to, but not including, the payment date.
Along with the tender offer, OSI solicited 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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