Bloomin' Brands enters $220M ASR and exchanges $83.6M convertible notes for equity

Bloomin' Brands, Inc.

ASR agreement with Wells Fargo to repurchase ~$220M of common stock; initial delivery of ~6.5M shares on March 4.
Exchange agreements with noteholders convert $83.6M of 2025 Notes into 7.49M shares and $3.27M cash; $20.7M notes remain.
Early termination of note hedge and warrant transactions yields ~$16M cash and 289K shares to the company.
Company expects no material impact to 2024 adjusted diluted EPS outlook from these transactions.

item 1.01 item 3.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Bloomin' Brands, Inc. entered into Accelerated Stock Repurchase Agreement with Wells Fargo Bank, National Association valued at $220,000,000 (effective 2024-03-01).

Action: entry
Agreement: equity purchase
Counterparty: Wells Fargo Bank, National Association
Value: $220,000,000
Effective: 2024-03-01

Exact text from the filing

On March 1, 2024, Bloomin’ Brands, Inc. (the “Company”) entered into an accelerated share repurchase agreement (the “ASR Agreement”), pursuant to its previously announced 2024 Share Repurchase Program, with Wells Fargo Bank, National Association (“Wells Fargo”) to repurchase approximately $220 million of the Company’s common stock (“Common Stock”).

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292 material agreements filed in the last 30 days. Browse all material agreements →

Bloomin' Brands, Inc. filing history →

Source: SEC EDGAR

accession 0001546417-24-000062

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