Last $44.29 USD
Change Today +0.27 / 0.61%
Volume 74.7K
DRI On Other Exchanges
Symbol
Exchange
Frankfurt
As of 9:48 AM 07/22/14 All times are local (Market data is delayed by at least 15 minutes).

darden restaurants inc (DRI) Snapshot

Open
$44.28
Previous Close
$44.38
Day High
$44.37
Day Low
$44.06
52 Week High
12/23/13 - $54.89
52 Week Low
07/17/14 - $43.56
Market Cap
5.9B
Average Volume 10 Days
1.8M
EPS TTM
$1.93
Shares Outstanding
132.3M
EX-Date
07/8/14
P/E TM
22.9x
Dividend
$2.20
Dividend Yield
5.00%
Current Stock Chart for DARDEN RESTAURANTS INC (DRI)

darden restaurants inc (DRI) Details

Darden Restaurants, Inc. owns and operates full service restaurants in the United States and Canada. It operates restaurants under the Olive Garden, LongHorn Steakhouse, The Capital Grille, Yard House, Seasons 52, Bahama Breeze, Eddie V's Prime Seafood, and Wildfish Seafood Grille brand names. As of May 25, 2014, it owned and operated 2,207 restaurants. The company was founded in 1968 and is headquartered in Orlando, Florida.

206,489 Employees
Last Reported Date: 07/18/14
Founded in 1968

darden restaurants inc (DRI) Top Compensated Officers

Executive Chairman, Chief Executive Officer a...
Total Annual Compensation: $1.2M
President and Chief Operating Officer
Total Annual Compensation: $565.6K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $531.0K
Compensation as of Fiscal Year 2013.

darden restaurants inc (DRI) Key Developments

Darden Restaurants, Inc. Announces Pricing for its Cash Tender Offer for Up to $600,000,000 Aggregate Principal Amount of its 4.50% Senior Notes Due 2021, 3.350% Senior Notes Due 2022, 6.000% Senior Notes Due 2035 and 6.200% Senior Notes Due 2017

Darden Restaurants, Inc. announced the pricing for its previously announced cash tender offers for up to $600,000,000 aggregate principal amount of its outstanding 4.50% Senior Notes due 2021, 3.350% Senior Notes due 2022, 6.000% Senior Notes due 2035 and 6.200% Senior Notes due 2017 on the terms and subject to the conditions set forth in its Offer to Purchase, dated June 30, 2014, and the related Letter of Transmittal. The Total Consideration being offered for the Notes accepted for purchase in the Offers and the priority of the Offers. The consideration to be paid in the Offers for the Notes has been determined in the manner described in the Offer to Purchase by reference to a fixed spread over the yield (the 'Reference Yield') to maturity of the applicable U.S. Treasury Security specified in the Offer to Purchase. Holders of Notes that are validly tendered and not validly withdrawn at or before 5:00 p.m., New York City time on July 14, 2014 (the 'Early Tender Date') and accepted for purchase will receive the applicable total consideration, which will include an early tender payment of $30.00 per $1,000 principal amount of the Notes accepted for purchase (the 'Early Tender Payment') on a date (the 'Settlement Date') immediately following 12:00 midnight, New York City time, on July 28, 2014 (the 'Expiration Date'). The expected Settlement Date is July 29, 2014, unless extended by Darden, assuming all conditions to the Offers have been satisfied or waived by Darden. Holders of Notes who validly tender their Notes after the Early Tender Date and at or before the Expiration Date will only receive the applicable Tender Offer Consideration per $1,000 principal amount of Notes tendered by such holders that are accepted for purchase, which is equal to the applicable Total Consideration minus the Early Tender Payment. Holders whose Notes are accepted for purchase pursuant to the Offers will also receive accrued and unpaid interest on their purchased Notes from the last interest payment date for such Notes to, but excluding, the Settlement Date. Assuming that the conditions to the Offers have been satisfied or waived, validly tendered Notes will be accepted for purchase, subject to the Maximum Amount, the application of the Acceptance Priority Levels set forth and the Tender Cap for certain series set forth, on a prorated basis as described in the Offer to Purchase. Notes tendered in the Offers may only be withdrawn prior to 5:00 p.m., New York City time on July 14, 2014 (the 'Withdrawal Date'). Notes tendered after the Withdrawal Date and prior to the Expiration Date may not be withdrawn, unless otherwise required by law.

Darden Announces Early Tender Results for Cash Tender Offer, Increase to Maximum Amount and Elimination of Tender Caps

Darden Restaurants, Inc. announced the early tender results as of 5:00 p.m. New York City time on July 14, 2014 for its previously announced cash tender offers for its outstanding 4.50% Senior Notes due 2021, 3.350% Senior Notes due 2022, 6.000% Senior Notes due 2035 and 6.200% Senior Notes due 2017 and also announced that it has increased the Maximum Amount" from $600,000,000 to $610,000,000 and eliminated the tender caps for the 2021 Notes and the 2022 Notes.

Darden Restaurants, Inc. Commences Cash Tender Offers for Up to $600,000,000 Aggregate Principal Amount of its Outstanding 4.50% Senior Notes Due 2021, 3.350% Senior Notes Due 2022, 6.000% Senior Notes Due 2035 and 6.200% Senior Notes Due 2017

Darden Restaurants, Inc. announced that it has commenced cash tender offers for up to $600,000,000 aggregate principal amount of its outstanding 4.50% Senior Notes due 2021, 3.350% Senior Notes due 2022, 6.000% Senior Notes due 2035 and 6.200% Senior Notes due 2017 on the terms and subject to the conditions set out in its offer to purchase, dated June 30, 2014, and the related letter of transmittal. The total consideration paid in the offers for the notes will be determined in the manner described in the offer to purchase by reference to a fixed spread over the yield (reference yield) to maturity of the applicable U.S. Treasury Security (reference treasury security). Holders of notes that are validly tendered and not validly withdrawn at or before 5:00 p.m. on July 14, 2014 (early tender date) and accepted for purchase will receive the applicable total consideration, which includes an early tender payment of $30.00 per $1,000 principal amount of the notes accepted for purchase (early tender payment) on the settlement dat. Holders of notes who validly tender their notes after the early tender date and at or before the expiration date will only receive the applicable tender offer consideration per $1,000 principal amount of notes tendered by such holders that are accepted for purchase, which is equal to the applicable total consideration minus the early tender payment. Holders whose notes are accepted for purchase pursuant to the offers will also receive accrued and unpaid interest on their purchased notes from the last interest payment date for such notes to, but excluding, the settlement date. As set out in the offer to purchase, the offers are subject to a maximum aggregate principal amount in respect of notes purchased of $600,000,000 (maximum amount"), the application of the acceptance priority levels, the tender cap for certain series and certain other conditions. Darden will purchase any notes that have been validly tendered by the expiration date and that it chooses to accept for purchase, subject to the maximum amount, the application of the acceptance priority levels, the tender cap for certain series and all conditions to the offers having been satisfied or waived by it, on a date immediately following the expiration date (settlement date). The settlement date is expected to occur on the first business day following the expiration date, subject to all conditions to the offers having been satisfied or waived by Darden. The expected settlement date is July 29, 2014, unless extended by Darden, assuming all conditions to the offers have been satisfied or waived by Darden. As announced recently, Darden expects to use approximately $1.0 billion of the cash proceeds from the anticipated sale of its Red Lobster business to retire outstanding debt. In addition to the offers, Darden has agreed to repurchase $80 million and $210 million aggregate principal amount of its 3.79% Senior Notes due 2019 and its 4.52% Senior Notes due 2024, respectively. Darden's agreement to repurchase these notes is conditioned upon closing of the anticipated Red Lobster transaction.

 

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Industry Analysis

DRI

Industry Average

Valuation DRI Industry Range
Price/Earnings 32.3x
Price/Sales 0.9x
Price/Book 2.7x
Price/Cash Flow 9.9x
TEV/Sales 0.5x
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