On July 25, 2012, OSI commenced a tender offer and consent solicitation (the "Offer") for its Notes. On August 13, 2012, OSI accepted for payment approximately $102.2 million, or 41.2%, of the aggregate principal amount of the Notes. The Offer expired on August 21, 2012. On August 13, 2012, the remaining Notes were called for redemption (the "Redemption") on September 12, 2012 (the "Redemption Date") at a redemption price equal to 102.5% of the principal amount outstanding, plus accrued and unpaid interest up to, but excluding, the Redemption Date, representing an aggregate payment of approximately $153.0 million. Funds for the Redemption were deposited in full with the trustee on August 13, 2012 and the related obligation was satisfied and discharged.Fiscal 2012 Financial Outlook Below are the Company's current expectations for the full-year 2012:
- Comparable restaurant sales growth of at least 3%.
- Total revenues of approximately $4 billion representing a nearly 4% increase. The Company's longer-term goal is at least 7% annual growth as development pace increases.
- Adjusted income from operations of at least $229 million, and Income from operations of at least $175 million. This includes significant expenses resulting from the Company's IPO and retirement of the Notes.
- Adjusted net income attributable to Bloomin' Brands, Inc. of at least $105 million. This assumes a full year effective tax rate of between 18% and 20%. Net income attributable to Bloomin' Brands, Inc. of approximately $50 million, including expenses described above.
- Based on the Adjusted net income attributable to Bloomin' Brands, Inc. expectation above, Adjusted diluted earnings per share of at least $0.91. This assumes the underwriters for the Company's IPO do not exercise their option to purchase additional shares, which expires on September 6, 2012. The Company estimates that, if the option is exercised in full, the impact could be a $0.01 reduction in Diluted earnings per share for the year.
- Capital expenditures of approximately $200 million to $220 million. New restaurant development expectations include approximately 35 new restaurants: 23 new Company-owned domestic locations, five new Company-owned international locations, and seven new franchised or development joint venture locations.