Bloomin' Brands Enters Material Definitive Agreement

Ticker: BLMN · Form: 8-K · Filed: 2024-09-24T00:00:00.000Z

Sentiment: neutral

Topics: material-agreement, financial-obligation

TL;DR

Bloomin' Brands just signed a big deal, could affect financials.

AI Summary

On September 19, 2024, Bloomin' Brands, Inc. entered into a material definitive agreement related to a financial obligation. The company, headquartered in Tampa, FL, filed a Form 8-K to report this event.

Why It Matters

This filing indicates a significant new financial commitment or agreement for Bloomin' Brands, which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements can introduce new financial obligations or strategic shifts that carry inherent risks.

Key Players & Entities

FAQ

What type of material definitive agreement did Bloomin' Brands, Inc. enter into?

The filing indicates the entry into a material definitive agreement and the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement, but the specific details of the agreement are not provided in this excerpt.

When was the earliest event reported in this 8-K filing?

The earliest event reported was on September 19, 2024.

What is the principal executive office address for Bloomin' Brands, Inc.?

The principal executive offices are located at 2202 North West Shore Boulevard, Suite 500, Tampa, FL 33607.

What is the SEC file number for Bloomin' Brands, Inc.?

The SEC file number for Bloomin' Brands, Inc. is 001-35625.

What is the IRS Employer Identification Number for Bloomin' Brands, Inc.?

The IRS Employer Identification Number for Bloomin' Brands, Inc. is 20-8023465.

Filing Stats: 1,067 words · 4 min read · ~4 pages · Grade level 12.2 · Accepted 2024-09-24 16:05:39

Key Financial Figures

Filing Documents

01 Entry into A Material Definitive Agreement

Item 1.01 Entry into A Material Definitive Agreement On September 19, 2024, Bloomin' Brands, Inc. (the "Company") and its wholly-owned subsidiary OSI Restaurant Partners, LLC, as co-borrowers (each, a "Borrower" and together, the "Borrowers"), certain lenders and Wells Fargo Bank, National Association, as administrative agent (the "Administrative Agent"), entered into a Third Amended and Restated Credit Agreement (the "New Credit Agreement"). The New Credit Agreement amends and restates the Second Amended and Restated Credit Agreement, dated April 16, 2021 (as previously amended, the "Existing Credit Agreement"). The New Credit Agreement: (i) provides an increase in the Company's revolving credit facility from $1.0 billion to $1.2 billion; and (ii) extends the maturity date to September 19, 2029. The total indebtedness of the Company and interest rate applied to the Company's borrowings remained unchanged as a result of the New Credit Agreement. The commitments under the New Credit Agreement may be increased in an aggregate principal amount of up to (i) $550.0 million or (ii) at the Borrowers' option, up to an unlimited amount of incremental facilities, so long as the Consolidated Senior Secured Net Leverage Ratio is no more than 3.00 to 1.00 as of the last day of the most recent period of four consecutive fiscal quarters ended, after giving effect to any such incurrence on a pro forma basis. Pursuant to the New Credit Agreement, the Company may elect an interest rate based on the Base Rate or Term SOFR, plus an applicable spread. The Base Rate option is the highest of: (i) the prime rate of Wells Fargo Bank, National Association; (ii) the federal funds effective rate, subject to a 0% floor, plus 0.5 of 1.0%; or (iii) the one-month Term SOFR plus a 0.10% Term SOFR Adjustment plus 1.0%. Term SOFR is the forward-looking term rate based on the secured overnight financing rate that is published by CME Group Benchmark Administration Limited (or a successor admini

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits. Exhibit Number Description 10.1 Third Amended and Restated Credit Agreement, dated September 19, 2024, by and among Bloomin' Brands, Inc., OSI Restaurant Partners, LLC, the guarantors party thereto, the lenders party thereto, and Wells Fargo Bank, National Association, as Administrative Agent 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BLOOMIN' BRANDS, INC. (Registrant) Date: September 24, 2024 By: /s/ Kelly Lefferts Kelly Lefferts Executive Vice President and Chief Legal Officer

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