Bloomin’ Brands’ $300 Million High-Yield Senior Notes Offering

Simpson Thacher represented the initial purchasers in the offering.

Bloomin’ Brands, Inc. (“Bloomin’”) and its wholly-owned subsidiary OSI Restaurant Partners, LLC executed a debut high-yield 144A/Regulation S offering of $300 million aggregate principal amount of 5.125% Senior Notes due 2029. The notes are guaranteed on a senior unsecured basis by each of Bloomin’s existing and future subsidiaries that are borrowers under or that guarantee Bloomin’s amended and restated senior secured credit facilities and certain other debt.

Bloomin’ intends to use the net proceeds from the transaction, together with borrowings under its amended and restated senior secured credit facilities, to repay outstanding borrowings under its existing senior secured credit facilities and to pay fees and expenses related thereto.

Bloomin’ is one of the largest casual dining restaurant companies in the world with a portfolio of leading, differentiated restaurant concepts, including Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar.  

Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLCm with a team which included Art Robinson (Picture), David Azarkh, John O’Connell and Stephanie Rowan (Capital Markets); Nancy Mehlman and Kelli Rivers (Tax); Genevieve Dorment and Corina McIntyre (Intellectual Property); Jennifer Neilsson (Executive Compensation and Employee Benefits); Michael Isby (Environmental); and Andrew Pagliughi (Blue Sky).

Involved fees earner: David Azarkh – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Corina McIntyre – Simpson Thacher & Bartlett; Nancy Mehlman – Simpson Thacher & Bartlett; Jennifer Neilsson – Simpson Thacher & Bartlett; John O’Connell – Simpson Thacher & Bartlett; Andrew Pagliughi – Simpson Thacher & Bartlett; Kelli Rivers – Simpson Thacher & Bartlett; Arthur Robinson – Simpson Thacher & Bartlett; Stephanie Rowan – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: J.P. Morgan Securities LLC;

Author: Martina Bellini