Bloomin' Brands enters $200M interest rate swaps to fix debt cost

Bloomin' Brands, Inc.

Entered six interest rate swap agreements with aggregate notional of $200M on Dec 5, 2023.
Swaps convert variable-rate debt to fixed: $100M at 4.92% through Dec 2024, $100M at 4.34% through Dec 2025.
Post-swap, capital structure expected to be 70%-75% fixed-rate debt.
Swaps include embedded floor of minus 0.10%, plus term SOFR adjustment and spread of 150-250 bps.

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