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By Associated Press
?Throw a shrimp on the barbie. The owner of the Outback Steakhouse chain is planning to go public, looking to raise between $279 million and $321 million from an initial public offering.
Bloomin' Brands Inc., which also runs Bonefish Grill, Fleming's Prime Steakhouse and Wine Bar, Carrabba's Italian Grill and Roy's, said in a filing with the Securities and Exchange Commission on Wednesday that its IPO is for approximately 21.4 million shares.
The company and the selling stockholders are both selling about 10.7 million shares. Bloomin' Brands won't receive any proceeds from shares sold by selling stockholders.
Bloomin' Brands anticipates the IPO being priced between $13 and $15 per share.
The underwriters are being given a 30-day option to buy up to an additional 3.2 million shares from certain selling stockholders.
The company foresees net proceeds of about $136.1 million. This is based on an offering price of $14 per share, at the midpoint of the expected range. It also deducts estimated offering expenses and underwriting discounts and commissions.
Bloomin' Brands plans to use the net proceeds from the IPO, coupled with available cash, to retire all of its outstanding 10 percent senior notes due 2015. About $248.1 million was outstanding as of March 31.
Bloomin' Brands said that after the IPO closes, it will still be majority owned by Bain Capital. The investment firm will continue to control a majority of the voting power of the company's outstanding stock.
Bloomin' Brands, previously known as Kangaroo Holdings Inc., says it owns and runs 1,247 restaurants and has 195 restaurants under franchise or joint venture deals in 49 states and 21 countries and territories internationally. Its first Outback Steakhouse opened in 1988.
The Tampa, Fla., company's 2011 net income was $100 million, up from $53 million in the prior-year period. Revenue climbed to $3.84 billion from $3.63 billion.
The stock is expected to list on the Nasdaq Global Select Market under the "BLMN" ticker symbol. ?
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? 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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