Bonds
Olive Garden Owner Darden Sells Bonds to Fund Chuy’s Buyout
- Company raised $750 million over two tranches of notes
- Darden may also use proceeds from sale for repayment of debt
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Darden Restaurants Inc., the owner of chains including Olive Garden and LongHorn Steakhouse, tapped the US high-grade market for $750 million to finance its planned acquisition of Tex-Mex chain Chuy’s.
Darden on Monday sold notes in two parts, according to a person with knowledge of the matter. The longest portion of the offering, a five-year bond, yields 1.02 percentage point above Treasuries after initial discussions of around 1.3 percentage point, said the person, who asked not to be identified as the details are private.