TAMPA, Fla., April 16, 2014 (GLOBE NEWSWIRE) -- Bloomin' Brands, Inc. (Nasdaq:BLMN) (the "Company") today announced that its wholly-owned subsidiary, OSI Restaurant Partners, LLC, has initiated a process to refinance a portion of its existing senior secured credit facilities (the "Credit Facilities"). The existing Credit Facilities provide for senior secured financing of up to $1.225 billion, consisting of a $1.0 billion Term Loan B and a $225.0 million revolving credit facility, which mature in October 2019 and October 2017, respectively. The new facilities are expected to consist of a $200.0 million Term Loan A and a $400.0 million revolving credit facility, each maturing five years after the closing date. The new facilities are subject to, among other things, negotiation, successful syndication, execution and delivery of definitive loan documentation and various customary closing conditions. Bloomin' Brands, Inc. expects the Term Loan A to be fully drawn, and the revolving credit facility to be partially drawn, at closing. Proceeds from the new facilities are expected to be used to pay down $400 million of the existing Term Loan B and pay the related fees and expenses associated with the transaction. The balance of the Term Loan B will remain outstanding and mature as scheduled in October 2019. The terms of the refinancing could be materially different than described above and no assurances can be given that the refinancing will be consummated. Wells Fargo Securities, LLC, Merrill, Lynch, Pierce, Fenner & Smith, Inc. and J.P. Morgan Securities LLC are acting as Joint Lead Arrangers and Joint Bookrunners on the transaction. About Bloomin' Brands, Inc. Bloomin' Brands, Inc. is one of the largest casual dining restaurant companies in the world. The portfolio of five founder- inspired brands is comprised of Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse & Wine Bar and Roy's with more than 1,500 restaurants in 48 states, Puerto Rico, Guam and 21 countries. For more information, visit bloominbrands.com.