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April 28, 2015 2:54 PM 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, Chief Executive Officer and President
Age: 50
Chief Financial Officer and Executive Vice President
Age: 56
Executive Vice President, Chief Executive Officer of Outback Steakhouse International, Llc and President of Outback Steakhouse International, Llc
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 its Existing Credit Agreement

On March 31, 2015, OSI Restaurant Partners, LLC (OSI) as borrower, OSI HoldCo Inc., certain subsidiaries of OSI, certain lenders (the Lenders) and Wells Fargo Bank, National Association, as administrative agent for the Lenders (in such capacity, the Administrative Agent), 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 prior administrative agent for the lenders (as previously amended, the Existing Credit Agreement), to effect an increase of OSI's existing revolving credit facility from $600.0 million to $825.0 million in order to fully pay down its existing Term Loan B on April 2, 2015 (the Prepayment). No other material changes were made to the terms of OSI's Existing Credit Agreement as a result of the Amendment. Prior to the Prepayment, the company had an outstanding balance of $215.0 million on its Term Loan B. In connection with the Amendment, the company made a $216.3 million draw on the revolving credit facility to prepay its Term Loan B and to pay related accrued interest, fees and expenses. Following the Amendment and Prepayment, $551.3 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.

Outback Steakhouse Announces Newest Restaurant Location in Orlando, Florida

Outback Steakhouse is debuting its newest restaurant location in Orlando, Florida, at the Orlando Eye, opening its doors at 11 a.m. on August 4, 2014. To show its support of the local community, 50% of the restaurant's opening day sales (up to $5,000.00) will benefit Give Kids The World. The new restaurant will serve lunch daily and will be the first in the Orlando area to feature a new "Modern Australia" design both inside and out. To mark the official grand opening, the Orlando Outback restaurant is inviting local area residents to attend a ribbon cutting ceremony with the International Drive Resort Area Chamber of Commerce at 11 a.m. on August 4. Guests can enjoy good food and fun and meet with a Give Kids The World alumni family. The newest Orlando Outback will feature a "Modern Australia" design with decor that mirrors the indigenous flora and fauna, adventure, geography and leisure of modern day Australia. Guests will also enjoy a spacious, energetic bar area that includes a community table -- a great place to meet up with friends and enjoy specialty beer, wine and hand-crafted cocktails. The new bar will also feature customized seating and furnishings and is connected directly to the outdoor dining patio.

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%.

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