Bloomin' Brands Announces Extension of Revolving Credit Facility
Key Highlights
- ➤Revolving credit facility maturity extended to September 25, 2031
- ➤$1.2 billion lender commitments and pricing remained substantially unchanged
- ➤Transaction is leverage neutral
- ➤New senior secured net leverage ratio covenant added
Expert Statements
Mike Spanos, Chief Executive Officer of Bloomin’ Brands
“This refinancing strengthens our capital structure by extending the maturity of our revolving credit facility through September 2031 while maintaining favorable pricing and substantial liquidity.”
Mike Spanos, Chief Executive Officer of Bloomin’ Brands
“The transaction reflects the strength of our banking relationships and enhances our financial flexibility to support our strategic priorities and create long-term value for our shareholders.”
Bloomin' Brands Announces Extension of Revolving Credit Facility
Bloomin’ Brands, Inc. (Nasdaq: BLMN) today announced that it and its wholly-owned subsidiary, OSI Restaurant Partners, LLC, have amended and restated their revolving credit facility to extend its maturity date to September 25, 2031. The amount of the lender commitments under the $1.2 billion facility and the interest rate elections and spreads remained substantially unchanged, and the transaction is leverage neutral. Other than the addition of a new senior secured net leverage ratio covenant, there were no material changes to existing affirmative and negative covenants or other terms.
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