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S&P: Brinker unaffected
Standard & Poor's said its ratings on Brinker International Inc. (BBB-/stable) remain unchanged after the company's announcement today that it has reached an agreement to sell a majority interest in its Romano's Macaroni Grill restaurant chain to Mac Acquisition LLC, an affiliate of private-equity firm Golden Gate Capital.
Brinker expects to receive about $131.5 million in cash for the sale and will contribute $6 million of that to Mac Acquisition LLC, Brinker will retain 19.9% ownership in Macaroni Grill, the agency said.
According to S&P, Brinker has not yet disclosed how it intends to use proceeds from the sale of Macaroni Grill.
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