USA-RESTAURANTS/DEBT

(Reuters)

Bloomin' Brands Files for $300M IPO

By Features FOXBusiness

Bloomin’ Brands Inc., an international restaurant chain that includes Outback Steakhouse, has filed for an initial public offering of its stock in a deal that could raise up to $300 million.

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The company said in a filing with the Securities and Exchange Commission that most of the proceeds from the sale will be earmarked for paying down debt. As of Dec. 31, Bloomin’ Brands had $248.1 million in principle from senior notes and owed a total of about $2.1 billion.

“We are highly leveraged,” the company states bluntly in its SEC filing.

Bloomin' Brands' principal stockholders are the private equity groups Bain Capital, with nearly a 66% stake, and Catterton, which owns about 14%.

Bloomin’ Brands made a profit of $100 million on revenue of $3.8 billion in 2011, the company said.

In addition to Outback Steakhouse, Bloomin’ Brands operates Carrabba’s Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse, and Wine Bar and Roy's.

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The company’s stock is expected to trade under the symbol ‘BLM.’ The deal is being underwritten by a syndicate team than includes Bank of America Merrill Lynch, Deutsche Bank, Morgan Stanley, JP Morgan, and Goldman Sachs & Co.