Bloomin' Brands exchanges $125M of convertible notes for cash and stock; reduces outstanding debt

Bloomin' Brands, Inc.

Exchanges $125M aggregate principal of 5.00% Convertible Senior Notes due 2025 (~54% of outstanding), leaving $105M outstanding.
Illustrative consideration at $18.88 per share: ~$200M cash + ~1.4M shares; actual determined by 10-day VWAP starting May 26.
Closing expected June 14, 2022; shares issued unregistered under Section 4(a)(2) exemption.
Company plans to unwind related convertible note hedges and warrants, expecting net termination payments from derivative counterparties.

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