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Darden gets early tenders for 34.83% of 6% notes, 85.64% of 6.8% notes
By Susanna Moon
Chicago, Feb. 7 – Darden Restaurants, Inc. gave the early tender results in the offer for its $150 million of 6% senior notes due 2035 and $300 million of 6.8% senior notes due 2037 as of 5 p.m. ET on Feb. 6.
Holders had tendered $52,241,000, or 34.83%, of the 6% notes and $256,934,000, or 85.64%, of the 6.8% notes as of the early deadline.
As announced Jan. 24, the issuer is tendering for two series of notes until 11:59 p.m. ET on Feb. 21 as well as soliciting consents to amend provisions of the notes indenture to eliminate substantially all of the restrictive covenants and some events of default and to modify redemption notice requirements.
The total purchase price per $1,000 principal amount is as follows with pricing set at 11 a.m. ET on Feb. 6 using a reference security plus a fixed spread:
• $1,207.13 for the 6% notes, based on the 2.75% U.S. Treasury note due Aug. 15, 2047 plus 125 basis points for a reference yield of 3.052% and tender offer yield of 4.302%; and
• $1,336.99 for the 6.8% notes, based on the 2.75% U.S. Treasury note due Aug. 15, 2047 plus 120 bps for reference yield of 3.052% and tender offer yield of 4.252%.
The total purchase price includes an early tender premium of $50.00 per $1,000 principal amount of notes tendered before the early tender deadline.
Holders will also receive accrued interest up to but excluding the settlement date.
The final settlement is expected to occur on Feb. 22.
Tenders may not be withdrawn after the early deadline.
BofA Merrill Lynch (980 683-3215 or 888 292-0070) is the dealer manager. The information agent and tender agent is D.F. King & Co., Inc. (877 283-0319, 212 269-5550 or dri@dfking.com).
Darden is an Orlando, Fla.-based casual dining operator.
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