Company Overview of OSI Restaurant Partners, LLC

Bloomin' Brands Inc. announced that its wholly-owned subsidiary, OSI Restaurant Partners, LLC, completed the repricing of its existing $1.0 billion senior secured term loan B credit facility. The repricing replaces OSI's existing senior secured term loan B credit facility with a new senior secured term loan B credit facility at the current outstanding principal balance of $975.0 million. In addition, the repricing reduces the applicable interest rate margin on the Term Loan B from 2.50% to 1.50% for base rate loans and from 3.50% to 2.50% for Eurocurrency rate loans and reduces the interest rate floor on the Term Loan B from 2.25% to 2.00% for base rate loans and from 1.25% to 1.00% for Eurocurrency rate loans. Based on current market conditions, the repricing represents a reduction in interest expense of 125 basis points and is expected to reduce annual cash interest payments by approximately $12.0 million, before considering future principal payments. Pursuant to the terms of the existing credit agreement, the Company is required to pay a 1.0% prepayment penalty of approximately $10.0 million. The maturity date for the Term Loan B remains October 26, 2019 and no changes were made to the financial covenants or scheduled amortization.

Bloomin' Brands Inc. announced OSI Restaurant Partners, LLC intends to seek a repricing of its existing $1.0 billion senior secured term loan B credit facility, maturing in 2019, to benefit from lower interest rates currently available in the senior secured debt markets. In connection with the proposed repricing, the term loan B would be replaced with a $975.0 million senior secured term loan B credit facility, which takes into account voluntary principal prepayments of $25.0 million made during the first quarter of 2013 on the existing term loan B.

Bloomin' Brands Inc. announced that its wholly-owned subsidiary, OSI Restaurant Partners, LLC completed the previously announced refinancing of its outstanding credit facilities on October 26, 2012. The new facilities provide for senior secured financing of up to $1.225 billion, consisting of a $1.0 billion term loan B and a $225.0 million revolving credit facility, including letter of credit and swing-line loan sub-facilities, available for working capital and general corporate purposes. The new facilities replace OSI's existing $1.6 billion senior secured credit facilities, consisting of a $1.3 billion term loan facility that was scheduled to mature on June 14, 2014, and a $150.0 million working capital revolving credit facility and a $100.0 million pre-funded revolving credit facility that provided financing for capital expenditures only that were both scheduled to mature on June 14, 2013. The existing facilities were repaid in full with the proceeds from the new facilities. The new term loan matures October 26, 2019 and bears interest at rates ranging from 225 to 250 basis points over a base rate or 325 to 350 basis points over a Eurocurrency rate as defined in the credit agreement. With respect to the new term loan, the base rate is subject to an interest rate floor of 2.25% and the Eurocurrency rate is subject to an interest rate floor of 1.25%. OSI will make quarterly payments equal to 0.25% of the original principal amount of the term loan for the first six years and three quarters commencing on the quarter ending March 31, 2013. The revolving credit facility matures October 26, 2017 and bears interest at rates ranging from 200 to 250 basis points over the base rate or 300 to 350 basis points over the Eurocurrency rate. At closing, $45.0 million was drawn under the revolving credit facility and $65.8 million was committed for the issuance of letters of credit and not available for borrowing. The new facilities require OSI to comply with certain covenants, including, in the case of the revolving credit facility, a covenant to maintain a specified total net leverage ratio, and are guaranteed by OSI's wholly-owned subsidiaries in the Outback Steakhouse and Carrabba's Italian Grill concepts and certain other subsidiaries and by OSI's direct parent and a wholly-owned subsidiary of the Company, OSI HoldCo Inc. The new facilities are also secured by substantially all of OSI's assets and the assets of the subsidiary guarantors and OSI HoldCo.