New Issue: Darden Restaurants prices $500 million 6.3% 10-year notes at 165 bps over Treasuries

By Wendy Van Sickle

Columbus, Ohio, Oct. 4 – Darden Restaurants, Inc. sold $500 million of 6.3% 10-year senior notes (Baa2/BBB/BBB) on Wednesday at 99.321 to yield 6.393%, according to an FWP filing with the Securities and Exchange Commission.

The notes priced with a spread of 165 basis points over Treasuries.

BofA Securities, Inc., Truist Securities, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC were the bookrunners.

Proceeds will be used to fund a tender offer and consent solicitation for the company’s 6% senior notes due 2035 and 6.8% senior notes due 2037 and for general corporate purposes.

Darden Restaurants is an Orlando, Fla.-based casual dining operator.

Issuer:	Darden Restaurants, Inc.
Amount:	$500 million
Issue:	Senior notes
Maturity:	Oct. 10, 2033
Bookrunners:	BofA Securities, Inc., Truist Securities, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
Co-managers:	Mizuho Securities USA LLC, TD Securities (USA) LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc. and Goldman Sachs & Co. LLC
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	In-house and Hunton Andrews Kurth LLP for Florida law
Counsel to underwriters:	Bracewell LLP
Coupon:	6.3%
Price:	99.321
Yield:	6.393%
Spread:	Treasuries plus 165 bps
Call features:	Make-whole call before July 10, 2033 at greater of par and Treasuries plus 25 bps; thereafter at par
Change-of-control put:	101
Trade date:	Oct. 4
Settlement date:	Oct. 10
Ratings:	Moody’s: Baa2
	S&P: BBB
	Fitch: BBB
Distribution:	SEC registered
Cusip:	237194AN5

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