Bloomin' Brands Enters New Credit Agreement, Extends Maturity to 2031

What Happened

• Bloomin' Brands, Inc. and its wholly owned subsidiary OSI Restaurant Partners, LLC entered into a Fourth Amended and Restated Credit Agreement dated September 25, 2026, with certain lenders and Wells Fargo Bank, N.A. as Administrative Agent. The agreement amends and restates the prior Third Amended and Restated Credit Agreement (dated September 19, 2024) and extends the maturity date to September 25, 2031. The revolving credit commitments, potential increase mechanics, and interest-rate elections/spreads are substantially unchanged.

Key Details

• New credit agreement date: September 25, 2026; maturity date extended to September 25, 2031.
• Leverage covenants: Total Net Leverage Ratio must not exceed 4.50 to 1.00; new Consolidated Senior Secured Net Leverage Ratio must not exceed 3.50 to 1.00 (each can be temporarily increased in connection with certain material acquisitions).
• Security and guarantees: Agreement remains guaranteed by the company’s current and future domestic 100% owned subsidiaries (with customary exceptions) and is secured by substantially all owned or later-acquired assets, including pledges of capital stock of domestic subsidiaries.
• Filing notes: Press release furnished as Exhibit 99.1 to the Form 8-K; the full Fourth Amended and Restated Credit Agreement is attached as Exhibit 10.1.

Why It Matters

• The extended maturity date pushes out the company’s near-term debt timeline to 2031, providing longer-term borrowing flexibility.
• The specified leverage covenants set clear limits on allowable debt levels—if Bloomin’ Brands approaches or breaches these ratios, it could face restrictions on borrowing, need covenant waivers, or other remedies under the agreement.
• Terms being “substantially unchanged” for commitments and pricing suggests borrowing costs and capacity remain similar to the prior facility, while the added senior secured leverage covenant introduces an additional metric investors should monitor.