What happened
Bloomin' Brands, Inc. (NASDAQ: BLMN) entered a Fourth Amended and Restated Credit Agreement dated September 25, 2026. OSI Restaurant Partners, LLC and Bloomin' Brands, Inc. are the borrowers. Wells Fargo Bank, National Association serves as Administrative Agent, Collateral Agent, Swing Line Lender and an L C Issuer.
The agreement sets aggregate Revolving Credit Commitments of all Revolving Credit Lenders at $1,200,000,000 on the Closing Date. It also sets a Letter of Credit Sublimit at the lesser of $75,000,000 and the revolving commitments, and a Swing Line Sublimit at the lesser of $50,000,000 and the revolving commitments. Those caps sit inside the same credit package.
Key numbers
| Metric | Latest | Change | Source |
|---|---|---|---|
| Aggregate Revolving Credit Commitments | $1,200,000,000 | SEC 8-K | |
| Letter of Credit Sublimit | $75,000,000 | SEC 8-K | |
| Swing Line Sublimit | $50,000,000 | SEC 8-K | |
| Letter of Credit Sublimit as share of commitments | 6.25% | Calculated from SEC 8-K |
Why it matters
The Letter of Credit Sublimit is 6.25% of the revolving commitments. Most of the facility is still available for direct borrowing. The Swing Line Sublimit is $50,000,000, which adds another short-term borrowing cap.
For investors, that mix matters because it shows how much room the lenders set aside for credit support rather than direct borrowing. That is the role of the facility here. It supports liquidity, but it does not show better restaurant performance or stronger cash generation.
The filing also gives the counterpoint. This is a financing amendment, not evidence of operating improvement, and the pricing grid still scales with leverage. So the signal is mixed, not a change in the operating story.
What's next
The next dated milestone in the agreement is delivery of financial statements for the fiscal year ending December 27, 2026. After that delivery, the applicable rate can reset with the Total Net Leverage Ratio, based on the most recent Compliance Certificate.
If the company delivers the certificate and lands in a lower leverage band, borrowing costs can move down. If it does not, the highest Pricing Level can stay in place until the certificate is delivered. That would leave the agreement's cost structure unchanged.
That is the next signpost for credit terms. The filing itself does not answer how the business performs.
Sources
- SEC 8-K Exhibit 10.1 — Fourth Amended and Restated Credit Agreement dated September 25, 2026
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Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.
