Daily News: April 17, 2014

Wells Fargo, Others Arrange Bloomin’ Brands Refi

Bloomin’ Brands announced its wholly owned subsidiary, OSI Restaurant Partners, initiated a process to refinance a portion of its existing senior secured credit facilities. The existing facilities provide for senior secured financing of up to $1.225 billion, consisting of a $1 billion term loan B and a $225 million revolving credit facility, which mature in October 2019 and October 2017, respectively.

Wells Fargo Securities, Merrill Lynch and J.P. Morgan Securities acted joint lead arrangers and joint bookrunners.

The new facilities are expected to consist of a $200 million term loan A and a $400 million revolving credit facility, each maturing five years after the closing date. The new facilities are subject to, among other things, negotiation, successful syndication, execution and delivery of definitive loan documentation and various customary closing conditions. Bloomin’ Brands expects the term loan A to be fully drawn, and the revolving credit facility to be partially drawn, at closing. Proceeds from the new facilities are expected to be used to pay down $400 million of the existing term loan B and pay the related fees and expenses associated with the transaction. The balance of the term loan B will remain outstanding and mature as scheduled in October 2019.

Bloomin’ Brands is a casual dining restaurant company.