Outback Steakhouse Owner Seeks $300 Million in Initial Offering

April 7 (Bloomberg) -- Bloomberg's Cristina Alesci reports that Bloomin’ Brands Inc., owner of the Outback Steakhouse restaurant chain, is seeking to raise $300 million in an initial public offering to help pay down debt. She speaks on Bloomberg Television's "InBusiness With Margaret Brennan." (Source: Bloomberg)

Bloomin’ Brands Inc., owner of the Outback Steakhouse restaurant chain, is seeking to raise $300 million in an initial public offering to help pay down debt.

Bank of America Corp., Morgan Stanley (MS) and JPMorgan Chase & Co. (JPM) will manage the offering, Bloomin’ Brands said in a filing yesterday. The Tampa, Florida-based company, owned by Bain Capital LLC and Catterton Management Co., will trade under the ticker BLM.

Bloomin’ Brands also owns the chains Carrabba’s Italian Grill, Bonefish Grill, Fleming’s Prime Steakhouse & Wine Bar and Roy’s Hawaiian Fusion Cuisine.

Private equity owners are taking their holdings public again as stock markets rebound and market volatility decreases. Fast-food chain Burger King Worldwide Holdings Inc. (BKC) said this week it would go public again after it was taken private in 2010 by investment firm 3G Capital Inc.

In 2011, Bloomin’ Brands had net income of $100 million, or 94 cents a share, on revenue of $3.84 billion, up from $52.9 million, or 50 cents, on revenue of $3.63 billion in 2010, the company said in the filing. The company first disclosed plans for a possible IPO last month.

Deutsche Bank AG and Goldman Sachs Group Inc. will also help on the offering, according to the IPO prospectus.

To contact the reporters on this story: Dan Hart in Washington at dahart@bloomberg.net; Jennifer Sondag at jsondag@bloomberg.net

To contact the editor responsible for this story: Sylvia Wier at swier@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.