Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with a debut high-yield 144A/Regulation S offering of $300 million aggregate principal amount of 5.125% Senior Notes due 2029 by Bloomin’ Brands, Inc. (“Bloomin’”) and its wholly-owned subsidiary OSI Restaurant Partners, LLC. 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.
The Simpson Thacher team included Art Robinson, 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).