July 30, 2014 7:23 AM ET

Hotels, Restaurants and Leisure

Company Overview of OSI Restaurant Partners, LLC

Company Overview

OSI Restaurant Partners, LLC owns and operates casual and upscale casual dining restaurants primarily in the United States. The company operates restaurants under the Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, Fleming’s Prime Steakhouse and Wine Bar, and Roy’s concepts. As of December 31, 2011, it owned and operated 1,248 restaurants and had 195 restaurants operating under a franchise or joint venture arrangement in 49 states and 21 countries and territories. OSI Restaurant Partners, LLC was founded in 1987 and is headquartered in Tampa, Florida. OSI Restaurant Partners, LLC operates as a subsidiary of OSI HoldCo, Inc.

2202 North West Shore Boulevard

Suite 500

5th Floor

Tampa, FL 33607

United States

Founded in 1987

85,000 Employees

Phone:

813-282-1225

Key Executives for OSI Restaurant Partners, LLC

Chairperson of The Board of Directors
Age: 51
Chief Financial Officer and Executive Vice President
Age: 56
Executive Vice President
Age: 53
Executive Vice President and President of Outback Steakhouse
Age: 51
President of Bonefish Grill LLC
Age: 61
Compensation as of Fiscal Year 2014.

OSI Restaurant Partners, LLC Key Developments

OSI Restaurant Partners, LLC Enters into Amendment to Existing Credit Agreement

On May 16, 2014, OSI Restaurant Partners, LLC a wholly-owned subsidiary of Bloomin Brands Inc., as borrower, Osi Holdco Inc., Osi’s direct parent and a wholly-owned subsidiary of the company, certain subsidiaries of Osi, certain lenders, Deutsche Bank Trust Company Americas, Deutsche Bank AG New York branch and Wells Fargo Bank, National Association, as administrative agent for the lenders entered into an amendment to Osi’s existing credit agreement, dated October 26, 2012, among Osi, as borrower, Osi Holdco, certain lenders and Deutsche Bank Trust Company Americas, as administrative agent for the lenders to effect a refinancing of a majority of Osi’s existing indebtedness. The amended credit agreement provides for senior secured financing of up to $1.125 billion, consisting of a new $300.0 million term loan a, a $225.0 million term loan b (reduced from $925.0 million under the existing credit agreement) and a $600.0 million revolving credit facility (increased from $225.0 million under the existing credit agreement), which includes a $75.0 million letter of credit sub-facility and a $60.0 million swing-line loan sub-facility. At closing, $400.0 million was drawn under the revolving credit facility, and an additional $29.6 million of the revolving credit facility was committed for the issuance of letters of credit and not available for borrowing. The proceeds of the term loan and of the loans made at closing under the revolving credit facility were used to pay down a portion of Osi’s term loan b under the existing credit agreement. The total amount of Osi’s outstanding indebtedness remains unchanged as a result of the refinancing. The term loan and revolving credit facility mature May 16, 2019, and the term loan b matures on October 26, 2019. borrowings under the term loan a and revolving credit facility bear interest at rates ranging from 75 to 125 basis points over the base rate or 175 to 225 basis points over the euro currency rate. The interest rates applicable to borrowings under the term loan b are unchanged from the existing credit agreement at 150 basis points over the base rate or 250 basis points over the euro currency rate. The base rate option is of (i) the prime rate of Wells Fargo Bank, National Association, (ii) the federal funds effective rate plus 0.5 of 1.0% or (iii) the euro currency rate with a one month interest period plus 1.0% (“base rate”). The euro currency rate option is the 30, 60, 90 or 180-day euro currency rate. The euro currency rate may have a 7-day interest period if agreed upon by the applicable lenders. With respect to the term loan b, the base rate is subject to an interest rate floor of 2.0% and the euro currency rate is subject to an interest rate floor of 1.0%.

Outback Steakhouse Unveils New Moonshine BBQ Menu Made with Real Moonshine

Outback Steakhouse(R) is introducing a Moonshine BBQ menu made with real moonshine. The Moonshine BBQ menu includes: Sirloin with Moonshine BBQ Bacon Wrapped Shrimp -- Outback's signature sirloin with Moonshine BBQ Bacon Wrapped Shrimp and choice of one freshly made side. Moonshine BBQ Ribs -- each succulent rack is smoked, wood-fire grilled and brushed with Moonshine BBQ sauce, served with Aussie Fries. Moonshine BBQ Wood-Fire Grilled Wings -- tossed with chef-inspired Moonshine BBQ Sauce and served with ranch dressing.Try all three Moonshine cocktails including the Huckleberry Hooch and Watermelon Hunch Punch, made with Ole Smoky(R) Blackberry Moonshine(TM) and Just Peachee, made with Georgia Moon(R) Peach Moonshine.

OSI Restaurant Partners LLC, Completes Refinancing of its Senior Secured Credit Facilities

Bloomin' Brands Inc. announced that its wholly-owned subsidiary, OSI Restaurant Partners, LLC, has completed the previously announced refinancing of its senior secured credit facilities. The new Credit Facilities provide for senior secured financing of up to $1.125 billion, and consist of a $300.0 million Term Loan A, a $225.0 million Term Loan B and a $600.0 million revolving credit facility. Prior to the refinancing, the company had an outstanding balance of $925.0 million on its Term Loan B. Proceeds from the new Credit Facilities of $300.0 million of Term Loan A and $400.0 million drawn on the new revolving credit facility are being used to pay down the outstanding Term Loan B balance from $925.0 million to $225.0 million. As of the closing, $200.0 million of the revolving credit facility is undrawn. The total debt of the company remains unchanged. The Term Loan A and revolving credit facility will mature in May 2019. The Term Loan B will mature as scheduled in October 2019. The interest rate on the Term Loan A and revolving credit facility is based on the company's leverage ratio and can range from LIBOR plus 1.75% to 2.25% with no LIBOR floor. The initial interest rate is LIBOR plus 2.00%. The Term Loan B interest rate is LIBOR plus 2.50% with a 1.00% LIBOR floor. Financial Impact of Debt Refinancing, the company expects cash interest savings of approximately $6.0 million in fiscal 2014. The company intends to invest the financial savings from this transaction into accelerating its growth opportunities, including the development of a second concept in Brazil. The company will incur a loss on extinguishment and modification of debt between $11.0 million and $12.0 million. These costs will be excluded from the company's adjusted metrics in the second fiscal quarter of 2014 since they are not indicative of the company's core operating performance. Wells Fargo Securities, LLC, Merrill, Lynch, Pierce, Fenner & Smith Inc. and J.P. Morgan Securities LLC are acting as Joint Lead Arrangers and Joint Bookrunners on the transaction.

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