Published on 6/20/2012 in the Prospect News Private Placement Daily.
New Issue: Darden Restaurants to issue $300 million of notes in two tranches
By Lisa Kerner
Charlotte, N.C., June 20 - Darden Restaurants, Inc. will sell $80 million of 3.79% senior notes due Aug. 28, 2019 and $220 million of 4.52% senior notes due Aug. 28, 2024 on Aug. 28 or prior to Sept. 6, according to an 8-K filing with the Securities and Exchange Commission.
Proceeds will be used to repay existing debt and for other general corporate purposes.
The notes have a make-whole call option at Treasuries plus 50 basis points. In the case of a partial redemption, the redemption must be in an amount not less than 5% of the total principal amount outstanding.
Under the note purchase agreement, Darden's maximum priority debt is limited to 20% of its consolidated tangible net worth.
Purchasers include Teachers Insurance and Annuity Association of America, Northwestern Mutual Life Insurance Co., Guardian Life Insurance Co. of America, Pacific Life Insurance Co., CMFG Life Insurance Co., Modern Woodmen of America, Vantis Life Insurance Co., Farm Bureau General Insurance Co. of Michigan, MTL Insurance Co., Catholic United Financial, American Fidelity Assurance Co., American Republic Insurance Co., Mutual of Omaha Insurance Co., Phoenix Life Insurance Co., PHL Variable Insurance Co., Life Insurance Co. of the Southwest, Ohio National Life Insurance Co., Jackson National Life Insurance Co., Acacia Life Insurance Co., Union Central Life Insurance Co., Country Mutual Insurance Co., Assurity Life Insurance Co. and Southern Farm Bureau Life Insurance Co.
Darden is an Orlando, Fla.-based casual dining operator.
| Issuer: | Darden Restaurants, Inc.
|
| Issue: | Senior notes
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| Amount: | $300 million
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| Call option: | Make-whole at Treasuries plus 50 bps
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| Pricing date: | June 18
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| Settlement: | Between Aug. 28 and Sept. 6
|
| Distribution: | Private placement
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| Purchasers: | Teachers Insurance and Annuity Association of America, Northwestern Mutual Life Insurance Co., Guardian Life Insurance Co. of America, Pacific Life Insurance Co., CMFG Life Insurance Co., Modern Woodmen of America, Vantis Life Insurance Co., Farm Bureau General Insurance Co. of Michigan, MTL Insurance Co., Catholic United Financial, American Fidelity Assurance Co., American Republic Insurance Co., Mutual of Omaha Insurance Co., Phoenix Life Insurance Co., PHL Variable Insurance Co., Life Insurance Co. of the Southwest, Ohio National Life Insurance Co., Jackson National Life Insurance Co., Acacia Life Insurance Co., Union Central Life Insurance Co., Country Mutual Insurance Co., Assurity Life Insurance Co. and Southern Farm Bureau Life Insurance Co.
|
|
|
| Seven-year notes
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| Amount: | $80 million
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| Maturity: | Aug. 28, 2019
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| Coupon: | 3.79%
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|
|
| 12-year notes
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| Amount: | $220 million
|
| Maturity: | Aug. 28, 2024
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| Coupon: | 4.52%
|
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