DALLAS, Sept. 23, 2016 /PRNewswire/
-- Brinker International, Inc. (NYSE: EAT) (the
"Company") today announced that it closed the previously announced
private offering of $350 million of
its 5.000% Senior Notes due 2024 (the "Notes"). Furthermore, the
Company has entered into a $300
million accelerated share repurchase agreement (the "ASR
Agreement") with Bank of America, N.A. ("BofA"). The Company will
acquire shares under the ASR Agreement as part of its previously
announced share repurchase program.
Pursuant to the terms of the ASR Agreement, the Company will pay
BofA $300 million in cash and will
initially receive approximately [4.6] million shares of the
Company's common stock. Final settlement of the ASR Agreement is
expected to be completed by the end of the Company's 2017 fiscal
third quarter. The Company expects to continue to repurchase shares
in the open market from time to time, subject to market and other
conditions.
About Brinker
Brinker International, Inc. is one of
the world's leading casual dining restaurant companies. Founded in
1975 and based in Dallas, Texas,
as of June 29, 2016, Brinker owned,
operated, or franchised 1,660 restaurants under the names
Chili's® Grill & Bar (1,609 restaurants) and
Maggiano's Little Italy® (51 restaurants).
Forward-Looking Statements
The statements contained in
this release that are not historical facts are forward-looking
statements within the meaning of Section 27A of the Securities Act
and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are based on our current plans and
expectations and involve risks and uncertainties which are, in many
instances, beyond our control. Such risks and uncertainties
include, among other things, prevailing market conditions and the
fact that Company's management may have broad discretion in the use
of the proceeds from any sale of the Notes. Other risks and
uncertainties relating to the Company's business are general
business and economic conditions, financial and credit market
conditions, credit availability, reduced disposable income, the
impact of competition, the impact of mergers, acquisitions,
divestitures and other strategic transactions, franchisee success,
the seasonality of the company's business, increased minimum wages,
increased health care costs, adverse weather conditions, future
commodity prices, product availability, fuel and utility costs and
availability, terrorist acts, consumer perception of food safety,
changes in consumer taste, health epidemics or pandemics, changes
in demographic trends, availability of employees, unfavorable
publicity, the company's ability to meet its business strategy
plan, acts of God, governmental regulations, inflation, technology
failures, and failure to protect the security of data of our guests
and teammates, as well as the risks described under the caption
"Risk Factors" in our Annual Report on Form 10-K and future filings
with the Securities and Exchange Commission.
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SOURCE Brinker International, Inc.