Key Highlights

● Bloomin' Brands signed a Fourth Amended and Restated Credit Agreement extending its $1.2 billion credit facility to September 25, 2031.

● Wells Fargo Bank, National Association is administrative agent, and the borrowers are Bloomin' Brands and OSI Restaurant Partners.

● Bloomin' Brands added a 3.50 times senior secured net leverage covenant, alongside a total net leverage limit of 4.50 times.

● Commitments and pricing remain substantially unchanged, and the facility is secured by substantially all assets of the borrowers and guarantors.

Bloomin' Brands, Inc. (NASDAQ:BLMN), the parent of Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill and Fleming's Prime Steakhouse & Wine Bar, reported in a Form 8-K that it has signed a Fourth Amended and Restated Credit Agreement extending its $1.2 billion revolving credit facility to September 25, 2031. The company describes the change as a leverage-neutral amendment and restatement with commitments and pricing largely unchanged, and it adds a covenant limiting senior secured net leverage to 3.50 times. The agreement is effective September 25, 2026, and the report was signed on September 29, 2026 by Kelly Lefferts, Executive Vice President and Chief Legal Officer.

The Agreement

The borrowers are Bloomin' Brands, Inc. and its wholly-owned subsidiary OSI Restaurant Partners, LLC, with Wells Fargo Bank, National Association serving as administrative agent. The agreement amends and restates a prior credit agreement dated September 19, 2024. The 8-K says the amount of the revolving credit commitments, the terms regarding potential increases in commitments, and the interest rate elections and spreads remained substantially unchanged. The filing does not list the sublimits for letters of credit or swingline loans, and it does not give specific margin percentages or commitment fee rates.

Each of the company's current and future domestic 100 percent owned subsidiaries, other than the co-borrower, guarantees the facility, subject to certain exceptions. The facility is secured by substantially all owned or later acquired assets of the borrowers and guarantors, including a pledge of the capital stock of substantially all of the company's domestic subsidiaries.

The Covenants

The filing describes two leverage tests. The total net leverage ratio may not exceed 4.50 to 1.00, and the consolidated senior secured net leverage ratio may not exceed 3.50 to 1.00. The company's press release identifies the senior secured net leverage ratio as the addition, saying it added a senior secured net leverage ratio covenant and made no material changes to other existing covenants or terms. Both ratios include a limited ability to increase temporarily in connection with material acquisitions. The 8-K does not detail events of default.

The press release, furnished under Item 7.01 as Exhibit 99.1, quotes Chief Executive Officer Mike Spanos: "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." The release does not specify the previous maturity date, and it does not identify the lenders or bookrunners. It describes Bloomin' Brands as operating more than 1,440 restaurants across 46 states, Guam and 12 countries.

The 8-K also contains the customary disclosure about relationships with lenders: 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 received customary fees and expenses. The filing was made under Items 1.01, 2.03, 7.01 and 9.01, covering the agreement, the creation of a direct financial obligation, the press release and exhibits.

What the Filing Does Not Cover

The report does not say how much is currently drawn on the revolver, and it does not state the company's current leverage ratios or its headroom under the covenants. It does not describe use of proceeds, because the amendment extends an existing facility rather than raising new funds, and it gives no results or guidance for the company's business.

Bloomin' Brands' 2031 Revolver Maturity Reset

The maturity of the facility is now September 25, 2031. The agreement itself was filed as Exhibit 10.1 and contains the definitions and pricing grids that the 8-K summarizes.