By Andrea Heisinger
New York, May 9 - Brinker International, Inc. gave the terms of its $550 million crossover trade of senior notes (Ba2/BBB-/BBB-) sold in two tranches in an FWP filing with the Securities and Exchange Commission Thursday.
There was a $250 million tranche of 2.6% five-year notes sold at 99.93 to yield 2.615% with a spread of 187.5 basis points over Treasuries.
The tranche has a make-whole call at Treasuries plus 30 bps.
A second part was $300 million of 3.875% 10-year notes priced at 99.901 to yield 3.887% with a spread of 212.5 bps over Treasuries.
There is a make-whole call at 35 bps over Treasuries.
The sale features a change-of-control put at 101%.
BofA Merrill Lynch and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used to redeem outstanding notes due 2014, to repay a portion of the outstanding balance of a revolving credit facility and for general corporate purposes, including the possible purchase of common stock.
The owner and operator of restaurant franchises Chili's Bar & Grill and Maggiano's Little Italy is based in Dallas.
| Issuer: | Brinker International, Inc.
|
| Issue: | Senior notes
|
| Amount: | $550 million
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC
|
| Co-managers: | Mitsubishi UFJ Securities (USA) Inc., Regions Securities LLC, Wells Fargo Securities LLC
|
| Change-of-control put: | 101%
|
| Trade date: | May 8
|
| Settlement date: | May 15
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
|
|
| Five-year notes
|
| Amount: | $250 million
|
| Maturity: | May 15, 2018
|
| Coupon: | 2.6%
|
| Price: | 99.93
|
| Yield: | 2.615%
|
| Spread: | Treasuries plus 187.5 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
|
|
| 10-year notes
|
| Amount: | $300 million
|
| Maturity: | May 15, 2023
|
| Coupon: | 3.875%
|
| Price: | 99.901
|
| Yield: | 3.887%
|
| Spread: | Treasuries plus 212.5 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
