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
Jun 30 14
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 Holders of notes that are validly tendered and not validly withdrawn at or before 5:00 p.m. on July 14, 2014 (early tender date) and accepted for purchase will receive the applicable total consideration, which includes an early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.
Xerox HR Services LLC Files $13 Million Lawsuit Against Darden Restaurants, Inc. for Alleged Breached Contract
Jun 26 14
Xerox HR Services LLC on June 24 filed a complaint in U.S. District Court for the Middle District of Florida against the Orlando-based restaurant firm alleging that Darden wrongfully terminated a master services agreement from October 2012, court fillings showed. Xerox has asked for more than $13 million in damages. Xerox's complaint alleges the contract required it to provide services including human resources, benefits enrollment and other administrative services to Darden through Dec. 31, 2018, and that although it completed its obligations under the agreement, Darden sent a termination letter dated July 26, 2013.
Darden Restaurants, Inc. Declares Quarterly Cash Dividend, Payable on August 1, 2014; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended May 25, 2014; Announces Asset Impairment for the Quarter Ended May 25, 2014
Jun 20 14
Darden Restaurants, Inc.'s board of directors declared a quarterly cash dividend of 55 cents per share on the company's outstanding common stock. The dividend is payable on August 1, 2014 to shareholders of record at the close of business on July 10, 2014.
The company reported unaudited consolidated earnings results for the fourth quarter and full year ended May 25, 2014. For the quarter, the company reported sales of $1,650.1 million against $1,592.4 million a year ago. Earnings from continuing operations were $48.4 million against $78.5 million a year ago. Net earnings were $86.5 million against $133.2 million a year ago. Diluted net earnings per share from continuing operations were $0.36 against $0.59 a year ago. Diluted net earnings per share were $0.65 against $1.01 a year ago.
For the year, the company reported sales of $6,285.6 million against $5,921.0 million a year ago. Earnings from continuing operations were $183.2 million against $237.3 million a year ago. Net earnings were $286.2 million against $411.9 million a year ago. Diluted net earnings per share from continuing operations were $1.38 against $1.80 a year ago. Diluted net earnings per share were $2.15 against $3.13 a year ago. Net cash provided by operating activities of continuing operations were $583.4 million against $603.7 million a year ago. Purchases of land, buildings and equipment were $414.8 million against $510.1 million a year ago.
The company also reported net asset impairment of $14.8 million for the quarter ended May 25, 2014.