Monitor next quarterly earnings for leverage ratio trajectory under the new senior secured net leverage covenant (3.50x max). The extended maturity removes near-term refinancing risk but does not change the operating outlook.
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Executive Summary
Bloomin' Brands amended and restated its $1.2 billion revolving credit facility, extending the maturity to September 25, 2031, with substantially unchanged pricing and terms. The new credit agreement adds a senior secured net leverage ratio covenant (max 3.50x) alongside the existing total net leverage covenant (max 4.50x). This is a routine refinancing that extends debt maturity by five years while maintaining liquidity — leverage neutral with no new borrowing.
Key Financial Metrics
Key Facts
- Fourth Amended and Restated Credit Agreement dated September 25, 2026
- Maturity extended to September 25, 2031 (from prior maturity under the 2024 agreement)
- Aggregate revolving credit commitments remain $1.2 billion
- Interest rate spreads and pricing substantially unchanged
- Adds new financial covenant: Consolidated Senior Secured Net Leverage Ratio ≤ 3.50x
- Existing Total Net Leverage Ratio covenant continues at ≤ 4.50x
- Transaction described as 'leverage neutral' by the company
- Guaranteed by domestic 100%-owned subsidiaries and secured by substantially all assets
Financial Impact
No new debt raised; existing $1.2 billion revolver refinanced with extended maturity to 2031. Leverage neutral per the company.
Risk Factors
- New senior secured net leverage covenant (3.50x) adds a tighter constraint than the existing total leverage covenant — could limit future debt-financed acquisitions or share buybacks if EBITDA declines.
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001546417-26-000035 |
| Exhibit: ex991-pressreleasex2026ame.htm | 0001546417-26-000035 |
| Document: blmn-20260925.htm | 0001546417-26-000035 |
| Document: 0001546417-26-000035-index-headers.html | 0001546417-26-000035 |
| Document: 0001546417-26-000035-index.html | 0001546417-26-000035 |
| Document: 0001546417-26-000035.txt | 0001546417-26-000035 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | SC 13G | $8.48 | awaiting T+20 | — | $9.14 (+7.78%) |
Sep 29, 2026 27d ago | 8-K | $8.06 | awaiting T+20 | — | $9.14 (+13.40%) |
Aug 5, 2026 11w ago | 8-K | $11.85 $9.93 | ▼ −16.20% | ▼ −15.60% | $9.14 (−22.87%) |
Jul 1, 2026 16w ago | 8-K | $8.91 $8.81 | ▼ −1.12% | ▲ +1.06% | $9.14 (+2.58%) |
May 8, 2026 24w ago | 144 | $8.37 $7.43 | ▲ +11.23% | ▲ +10.93% | $9.14 (−9.20%) |
May 6, 2026 24w ago | 8-K | $8.12 $7.49 | ▼ −7.76% | ▼ −10.54% | $9.14 (+12.56%) |
Mar 3, 2026 33w ago | DEFA14A | $6.35 $5.40 | ▼ −14.96% | ▼ −10.56% | $9.14 (+43.94%) |
Feb 25, 2026 34w ago | 8-K | $5.71 $5.62 | ▼ −1.58% | ▲ +3.66% | $9.14 (+60.07%) |
US Market Status
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