S&P rates Bloomin’ Brands facility BBB-

S&P said it assigned a BBB- issue-level rating to Bloomin' Brands Inc.'s and OSI Restaurant Partners LLC's secured credit facility, which consists of a $1 billion revolving credit facility and $500 million term loan A.

The 1 recovery rating indicates an expectation for very high recovery (90%-100%; rounded estimate: 90%) in the event of payment default or bankruptcy.

The secured credit facility matures in 2022.

Proceeds will be used to redeem existing outstanding debt due 2019 and to pay related premiums, fees and expenses.

“We see the transaction as largely leverage-neutral and therefore we do not expect any materially change to the company's credit metrics,” the agency said in a news release.

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