Bloomin' Brands extends $1.2B credit line to 2031
The agreement keeps the $1.2 billion facility's lender commitments substantially unchanged and adds a senior secured leverage covenant.
Sentiment and the balance of points
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Form Type
8-K
Rhea-AI Filing Summary
Bloomin’ Brands, Inc. (BLMN) and its wholly owned subsidiary OSI Restaurant Partners, LLC amended and restated their $1.2 billion revolving credit facility, extending its maturity to September 25, 2031. The company described the transaction as leverage neutral; lender commitments and interest rate elections and spreads remained substantially unchanged.
The agreement retains a Total Net Leverage Ratio limit of 4.50 to 1.00 and adds a Consolidated Senior Secured Net Leverage Ratio limit of 3.50 to 1.00. Each ratio has a limited ability to increase temporarily in connection with material acquisitions. The facility is guaranteed by specified domestic subsidiaries and secured by substantially all owned or later-acquired assets of the borrowers and guarantors.
Insights
Analyzing...
8-K Event Classification
4 items: 1.01, 2.03, 7.01, 9.01
4 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revolving credit facility: $1.2 billion
Maturity date: September 25, 2031
Total Net Leverage Ratio limit: 4.50 to 1.00
+1 more
4 metrics
Revolving credit facility
$1.2 billion
Facility size stated in the September 29, 2026 announcement
Maturity date
September 25, 2031
Maturity of the amended and restated credit facility
Total Net Leverage Ratio limit
4.50 to 1.00
Covenant retained in the New Credit Agreement
Consolidated Senior Secured Net Leverage Ratio limit
3.50 to 1.00
New covenant in the New Credit Agreement
Key Terms
Total Net Leverage Ratio, Consolidated Senior Secured Net Leverage Ratio, revolving credit facility
3 terms
Total Net Leverage Ratio financial
"requiring that the Borrowers’ Total Net Leverage Ratio not exceed 4.50 to 1.00"
Total net leverage ratio measures how much a company owes after using its cash, compared with the cash it generates in a year; it is usually calculated by subtracting cash from total debt and dividing that net debt by annual operating cash flow or earnings. Investors use it like a debt-to-income check for a household — a higher number means the company may struggle to cover obligations and is riskier, while a lower number suggests more cushion and financial flexibility.
Consolidated Senior Secured Net Leverage Ratio financial
"requiring that the Borrowers’ Consolidated Senior Secured Net Leverage Ratio not exceed 3.50 to 1.00"
revolving credit facility financial
"amended and restated their revolving credit facility"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is the size and maturity of BLMN’s amended credit facility?
The revolving credit facility is $1.2 billion and its maturity was extended to September 25, 2031. Bloomin’ Brands described the transaction as leverage neutral; lender commitments and interest rate elections and spreads remained substantially unchanged.
What leverage covenants apply to BLMN’s amended credit agreement?
The agreement retains a Total Net Leverage Ratio limit of 4.50 to 1.00 and adds a Consolidated Senior Secured Net Leverage Ratio limit of 3.50 to 1.00. Each ratio has a limited ability to increase temporarily in connection with material acquisitions.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) September 25, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (813 ) 282-1225
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
$ | The (Nasdaq Global Select Market) | ||||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement
On September 25, 2026, Bloomin’ Brands, Inc. (the “Company”) and its wholly-owned subsidiary, OSI Restaurant Partners, LLC, as co-borrowers (each, a “Borrower” and together, the “Borrowers”), certain lenders and Wells Fargo Bank, National Association, as administrative agent (the “Administrative Agent”), entered into a Fourth Amended and Restated Credit Agreement (the “New Credit Agreement”). The New Credit Agreement amends and restates the Third Amended and Restated Credit Agreement, dated September 19, 2024 (as previously amended, the “Existing Credit Agreement”).
The New Credit Agreement extends the maturity date to September 25, 2031. The amount of the revolving credit commitments, terms regarding the potential increase of commitments and interest rate elections and spreads remained substantially unchanged.
The New Credit Agreement continues to include a financial covenant requiring that the Borrowers’ Total Net Leverage Ratio not exceed 4.50 to 1.00, and adds a new financial covenant requiring that the Borrowers’ Consolidated Senior Secured Net Leverage Ratio not exceed 3.50 to 1.00 (in each case with a limited ability to temporarily increase such ratios in connection with material acquisitions). The New Credit Agreement also includes other affirmative and negative covenants that are in each case substantially similar to those contained in the Existing Credit Agreement.
The New Credit Agreement remains guaranteed by each of the Company’s current and future domestic 100% owned subsidiaries (other than the co-Borrower), subject to certain exceptions (the “Guarantors”), and secured by substantially all owned or later acquired assets of the Borrowers and Guarantors, including a pledge of all the capital stock of substantially all of the Company’s domestic subsidiaries.
Certain of the lenders and certain of their affiliates have performed investment banking, commercial lending and advisory services for the Company and its subsidiaries from time to time, for which they have received customary fees and expenses, including in connection with prior credit facilities and prior securities offerings. These parties may, from time to time, engage in transactions with, and perform services for, the Company and its subsidiaries in the ordinary course of their business.
The foregoing description of the New Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the New Credit Agreement that is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 7.01 Regulation FD Disclosure
On September 29, 2026, the Company issued a press release announcing the New Credit Agreement. A copy of the press release is furnished as Exhibit 99.1 hereto.
The information contained in this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for any purpose, and shall not be deemed incorporated by reference in any document whether or not filed under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, regardless of any general incorporation language in any such document.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit Number | Description | ||||||||||
| 10.1 | Fourth Amended and Restated Credit Agreement, dated September 25, 2026, by and among Bloomin’ Brands, Inc., OSI Restaurant Partners, LLC, the guarantors party thereto, the lenders party thereto, and Wells Fargo Bank, National Association, as Administrative Agent | ||||||||||
| 99.1 | Press Release of Bloomin’ Brands, Inc., dated September 29, 2026 | ||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BLOOMIN’ BRANDS, INC. | |||||||||||
| (Registrant) | |||||||||||
| Date: | September 29, 2026 | By: | /s/ Kelly Lefferts | ||||||||
| Kelly Lefferts | |||||||||||
| Executive Vice President and Chief Legal Officer | |||||||||||
 | NEWS | Exhibit 99.1 | ||||||||||||
| Kelly Lefferts | ||||||||||||||
| Executive Vice President, Chief Legal Officer & Secretary | ||||||||||||||
| (813) 830-4161 | ||||||||||||||
Bloomin' Brands Announces Extension of Revolving Credit Facility
TAMPA, Fla., September 29, 2026 - Bloomin’ Brands, Inc. (Nasdaq: BLMN) today announced that it and its wholly-owned subsidiary, OSI Restaurant Partners, LLC, have amended and restated their revolving credit facility to extend its maturity date to September 25, 2031. The amount of the lender commitments under the $1.2 billion facility and the interest rate elections and spreads remained substantially unchanged, and the transaction is leverage neutral. Other than the addition of a new senior secured net leverage ratio covenant, there were no material changes to existing affirmative and negative covenants or other terms.
“This refinancing strengthens our capital structure by extending the maturity of our revolving credit facility through September 2031 while maintaining favorable pricing and substantial liquidity,” said Mike Spanos, Chief Executive Officer of Bloomin’ Brands. “The transaction reflects the strength of our banking relationships and enhances our financial flexibility to support our strategic priorities and create long-term value for our shareholders.”
Additional details regarding the amended and restated revolving credit facility will be filed in a Form 8-K with the Securities and Exchange Commission.
About Bloomin’ Brands, Inc.
Bloomin’ Brands, Inc. is one of the largest full-service dining restaurant companies in the world with a portfolio of leading, differentiated restaurant concepts. The Company’s restaurant portfolio includes Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. The Company owns, operates and franchises more than 1,440 restaurants in 46 states, Guam and 12 countries. For more information, please visit www.bloominbrands.com.
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