Darden Restaurants’ $300 million Senior Notes Offering


Hunton & Williams LLP advised Darden Restaurants, Inc., in connection with its tender offer (and related consent solicitation) for up to up $450,000,000 of its outstanding senior notes and an SEC-Registered offering of $300,000,000 aggregate principal amount of 4.550% senior notes due 2048.

The proceeds of the senior notes offering were used to fund a portion of Darden’s tender offer.

Darden is a full-service restaurant company, which served over 334 million meals in fiscal 2017. As of May 28, 2017, Darden operated through subsidiaries 1,695 restaurants in the United States and Canada. The company, led by Eugene I Lee Jr, John Wilkerson and Dan Kiernan, in 2017 recorded $7.170 Billion Revenues.

In the United States, Darden operated 1,689 restaurants in all 50 states, including 840 Olive Garden, 490 LongHorn Steakhouse, 140 Cheddar’s Scratch Kitchen, 67 Yard House, 56 The Capital Grille, 37 Bahama Breeze, 41 Seasons 52, 15 Eddie V’s Prime Seafood and three Wildfish Seafood Grille restaurants.

The Hunton & Williams team included Kevin Felz (Picture), Adam O’Brian, Lawton B. Way, Mayme Donohue and Paloma Luz. Cary Tolley, Jeff Blair, Caitlin Sawyer and Anna Page provided tax advice on the transactions.

Involved fees earner: Kevin Felz – Hunton & Williams LLP; Adam O’Brian – Hunton & Williams LLP; Lawton Way – Hunton & Williams LLP; Mayme Beth Donohue – Hunton & Williams LLP; Anna Knecht Page – Hunton & Williams LLP;

Law Firms: Hunton & Williams LLP;

Clients: Darden Restaurants;

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Author: Michael Patrini