Bloomin' Brands Files for IPO

NEW YORK (TheStreet) -- Bloomin' Brands Inc. filed plans Friday for an initial public offering of up to $300 million of its shares, as the restaurant operator moves to pay down debt.

The company, based in Tampa, Fla., operates the Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse and Wine Bar and Roy's restaurant chains. It is owned by private-equity firms Bain Capital and Catterton Partners.

Bloomin' Brands did not specify the timing or pricing of its offering. It plans to use the proceeds to retire roughly $248.1 million in outstanding notes and to use any remaining money for general corporate purposes, according to a filing with the Securities and Exchange Commission. The company is carrying roughly $2.1 billion in total debt as of Dec. 31.

Bloomin' Brands earned $109.2 million in 2011, up nearly 89% from the prior year. Its revenue rose nearly 6% to $3.84 billion year-over-year. Revenue from its restaurants open at least a year, a key industry indicator of financial performance because it strips out the impact of recently opened or closed sites, rose 4.9% in the U.S. last year.

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Bloomin' Brands operates 1,248 restaurants, as well as 195 restaurants held by franchisees or through joint-venture arrangements, around the globe. Bain Capital has a roughly 66% stake in the company, while Catterton holds about 14%.

The company plans to trade under the symbol "BLM" and has not determined which exchange it will be listed on.

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