Bloomin’ Brands (BLMN) has issued an announcement.
Bloomin’ Brands, Inc. has entered into an accelerated stock repurchase agreement to buy back $220 million of its common stock, with an initial delivery of about 80% of the total shares estimated to be repurchased. The final number of shares will depend on the average share price during the repurchase period. Funding for this agreement comes primarily through borrowings under a credit agreement with Wells Fargo Bank. The company also finalized early termination agreements for certain derivatives related to its 2025 Notes, resulting in cash and stock payments between the company and the derivative counterparties. This activity is not expected to significantly affect the company’s financial outlook for 2024.
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