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TAMPA — For a secondary public offering expected to close May 29, Bloomin' Brands Inc. announced it has set a price of $21.50 per share, according to a statement from the company.
Shareholders of the company (symbol: BLMN, recent price: $22.01) plan to offer 19 million shares of the company's common stock. This is 2 million more shares than previously announced, according to the Wall Street Journal. Once the offering is closed, underwriters have a 30-day option to purchase up to an additional 2.85 million shares of common stock from the selling stockholders, the firm says in its statement.
After experiencing a loss of $35.87 million for the quarter ending Sept. 30, the restaurant company has rebounded earnings, posting net income of $75.76 million in the first quarter. This is a 13.6% increase in earnings over the same quarter last year.
This is the first offering for the company's stock since its initial public offering in August. In its IPO, Bloomin' Brands sold 16 million shares at $11 each, raising a total of $176 million. The company said at the time that was below its initial target of 21 million shares for $13 to $15 each. The firm used the capital to pay down debt, but it still had more than $1.45 billion in long-term debt on its balance sheet in the first quarter. It will not receive any proceeds from this offering.
The company, parent of Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, Roy's and other restaurant chains, was public until 2007, when Bain Capital Partners and Catterton Management Co. bought it for $41.15 per share, in a deal totaling $3.24 billion. Bloomin' Brands has more than 1,450 restaurants in 19 countries.
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