OSI Restaurant Partners buys back $61.78 million notes in November at big discount

By Angela McDaniels

Tacoma, Wash., Feb. 23 - OSI Restaurant Partners, LLC purchased $61.78 million of its senior notes on the open market between Nov. 18 and Nov. 21, according to an 8-K filing with the Securities and Exchange Commission.

The company paid $11.71 million, or an average of 19% of par, plus $2.73 million of accrued interest for the notes, which have been extinguished.

The principal balance of senior notes outstanding at Dec. 31 was $488.22 million, compared with $550 million a year earlier.

As previously reported, the company is holding a tender offer for the 10% senior notes due June 15, 2015 issued by the company and OSI Co-Issuer, Inc. The offer is being conducted as a modified Dutch auction with a bid price range of $225 to $275 per $1,000 principal amount of notes and will expire at midnight ET on March 18.

OSI Restaurant Partners is a Tampa, Fla., casual dining restaurant company.

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