Bloomin’ Brands announced that its wholly-owned subsidiary, OSI Restaurant Partners, has completed the previously announced refinancing of its senior secured credit facilities. The company said it expects cash interest savings of approximately $6.0 million in fiscal 2014.

The new credit facilities provide for senior secured financing of up to $1.125 billion, and consist of a $300 million term loan A, a $225 million term loan B and a $600 million revolving credit facility.

The company said Wells Fargo Securities, Merrill Lynch and J.P. Morgan Securities are acting as joint lead arrangers and joint bookrunners on the transaction.

Prior to the refinancing, the company had an outstanding balance of $925 million on its term loan B. Proceeds from the new credit facilities of $300 million of term loan A and $400 million drawn on the new revolving credit facility are being used to pay down the outstanding Term Loan B balance from $925 million to $225 million. As of the closing, $200 million of the revolving credit facility is undrawn. The total debt of the company remains unchanged.

The term loan A and revolving credit facility will mature in May 2019. The term loan B will mature as scheduled in October 2019.

The interest rate on the term loan A and revolving credit facility is based on the company’s leverage ratio and can range from LIBOR plus 1.75% to 2.25% with no LIBOR floor. The initial interest rate is LIBOR plus 2.00%. The Term Loan B interest rate is LIBOR plus 2.50% with a 1.00% LIBOR floor.

Tampa, FL-based Bloomin’ Brands is one of the largest casual dining restaurant companies in the world. The portfolio of five founder-inspired brands is comprised of Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, Fleming’s Prime Steakhouse & Wine Bar and Roy’s with more than 1,500 restaurants in 48 states, Puerto Rico, Guam and 21 countries.