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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended March 27, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from ______ to ______
Commission File Number: 001-35625

https://cdn.kscope.io/260a2f4c7a369119d020e4d7b9de15e9-blmn-20220327_g1.jpg

BLOOMIN’ BRANDS, INC.
(Exact name of registrant as specified in its charter)
Delaware20-8023465
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
2202 North West Shore Boulevard, Suite 500, Tampa, FL 33607
(Address of principal executive offices) (Zip Code)

(813) 282-1225
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock
$0.01 par value
BLMN
The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer Accelerated filer   Non-accelerated filer
Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No  

As of April 28, 2022, 88,702,869 shares of common stock of the registrant were outstanding.


Table of Contents
BLOOMIN’ BRANDS, INC.


INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarterly Period Ended March 27, 2022
(Unaudited)

TABLE OF CONTENTS

 Page No.
Item 1.
 
  
 
 
   
 
Item 2.
Item 3.
Item 4.
 
Item 1.
Item 1A.
Item 2.
Item 6.
  
 
2

Table of Contents
BLOOMIN’ BRANDS, INC.

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA, UNAUDITED) 

MARCH 27, 2022DECEMBER 26, 2021
ASSETS  
Current assets  
Cash and cash equivalents$97,795 $87,585 
Restricted cash and cash equivalents101 1,472 
Inventories68,803 79,112 
Other current assets, net104,588 184,623 
Total current assets271,287 352,792 
Property, fixtures and equipment, net841,120 842,012 
Operating lease right-of-use assets1,124,517 1,130,873 
Goodwill273,474 268,444 
Intangible assets, net453,048 453,412 
Deferred income tax assets, net162,743 168,068 
Other assets, net77,167 78,670 
Total assets$3,203,356 $3,294,271 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities  
Accounts payable$172,709 $167,978 
Accrued and other current liabilities426,415 406,894 
Unearned revenue325,304 398,795 
Current portion of long-term debt11,220 10,958 
Total current liabilities935,648 984,625 
Non-current operating lease liabilities1,172,923 1,179,447 
Long-term debt, net711,025 782,107 
Other long-term liabilities, net90,503 125,242 
Total liabilities2,910,099 3,071,421 
Commitments and contingencies (Note 14)
Stockholders’ equity
Bloomin’ Brands stockholders’ equity
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of March 27, 2022 and December 26, 2021
  
Common stock, $0.01 par value, 475,000,000 shares authorized; 89,185,040 and 89,252,823 shares issued and outstanding as of March 27, 2022 and December 26, 2021, respectively
892 893 
Additional paid-in capital1,115,458 1,119,728 
Accumulated deficit(634,356)(698,171)
Accumulated other comprehensive loss(190,431)(205,989)
Total Bloomin’ Brands stockholders’ equity291,563 216,461 
Noncontrolling interests1,694 6,389 
Total stockholders’ equity293,257 222,850 
Total liabilities and stockholders’ equity$3,203,356 $3,294,271 
The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents
BLOOMIN’ BRANDS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)


THIRTEEN WEEKS ENDED
MARCH 27, 2022MARCH 28, 2021
Revenues  
Restaurant sales$1,123,575 $979,451 
Franchise and other revenues16,960 8,022 
Total revenues1,140,535 987,473 
Costs and expenses  
Food and beverage costs359,370 291,870 
Labor and other related312,511 274,638 
Other restaurant operating259,110 229,293 
Depreciation and amortization41,775 41,226 
General and administrative58,674 57,248 
Provision for impaired assets and restaurant closings1,839 2,200 
Total costs and expenses1,033,279 896,475 
Income from operations107,256 90,998 
Other income, net 21 
Interest expense, net(13,633)(14,628)
Income before provision for income taxes93,623 76,391 
Provision for income taxes15,929 6,593 
Net income77,694 69,798 
Less: net income attributable to noncontrolling interests2,183 936 
Net income attributable to Bloomin’ Brands
$75,511 $68,862 
Net income$77,694 $69,798 
Other comprehensive income:
Foreign currency translation adjustment11,283 (6,575)
Unrealized gain (loss) on derivatives, net of tax573 (42)
Reclassification of adjustments for loss on derivatives included in Net income, net of tax681 3,003 
Impact of terminated interest rate swaps included in Net income, net of tax3,021  
Comprehensive income93,252 66,184 
Less: comprehensive income attributable to noncontrolling interests2,183 936 
Comprehensive income attributable to Bloomin’ Brands$91,069 $65,248 
Earnings per share:
Basic$0.85 $0.78 
Diluted$0.73 $0.63 
Weighted average common shares outstanding:
Basic89,355 88,367 
Diluted103,454 110,641 
 
The accompanying notes are an integral part of these consolidated financial statements.
4

Table of Contents
BLOOMIN’ BRANDS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)
BLOOMIN’ BRANDS, INC.
COMMON STOCKADDITIONAL PAID-IN CAPITALACCUM-
ULATED DEFICIT
ACCUMULATED OTHER
COMPREHENSIVE LOSS
NON-CONTROLLING INTERESTSTOTAL
SHARESAMOUNT
Balance,
December 26, 2021
89,253 $893 $1,119,728 $(698,171)$(205,989)$6,389 $222,850 
Net income— — — 75,511 — 2,183 77,694 
Other comprehensive income, net of tax— — — — 15,558 — 15,558 
Cash dividends declared, $0.14 per common share
— — (12,559)— — — (12,559)
Repurchase and retirement of common stock(551)(6)— (11,696)— — (11,702)
Stock-based compensation— — 4,843 — — — 4,843 
Common stock issued under stock plans (1)483 5 880 — — — 885 
Purchase of noncontrolling interests, net of tax of $888
— — 2,566 — — (4,454)(1,888)
Distributions to noncontrolling interests— — — — — (2,641)(2,641)
Contributions from noncontrolling interests— — — — — 217 217 
Balance,
March 27, 2022
89,185 $892 $1,115,458 $(634,356)$(190,431)$1,694 $293,257 
BLOOMIN’ BRANDS, INC.
COMMON STOCKADDITIONAL PAID-IN CAPITALACCUM-
ULATED DEFICIT
ACCUMULATED OTHER
COMPREHENSIVE LOSS
NON-CONTROLLING INTERESTSTOTAL
SHARESAMOUNT
Balance,
December 27, 2020
87,856 $879 $1,132,808 $(918,096)$(211,446)$6,812 $10,957 
Cumulative-effect from a change in accounting principle, net of tax— — (47,323)4,370 — — (42,953)
Net income— — — 68,862 — 936 69,798 
Other comprehensive loss, net of tax— — — — (3,614)— (3,614)
Stock-based compensation— 4,726 — — — 4,726 
Common stock issued under stock plans (1)999 10 7,428 — — — 7,438 
Distributions to noncontrolling interests— — — — — (1,458)(1,458)
Contributions from noncontrolling interests— — — — — 511 511 
Balance,
March 28, 2021
88,855 $889 $1,097,639 $(844,864)$(215,060)$6,801 $45,405 
________________
(1)Net of forfeitures and shares withheld for employee taxes.

The accompanying notes are an integral part of these consolidated financial statements.
5

Table of Contents
BLOOMIN’ BRANDS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS, UNAUDITED)

THIRTEEN WEEKS ENDED
MARCH 27, 2022MARCH 28, 2021
Cash flows provided by operating activities:  
Net income$77,694 $69,798 
Adjustments to reconcile Net income to cash provided by operating activities:  
Depreciation and amortization41,775 41,226 
Amortization of debt discounts and issuance costs1,065 1,308 
Amortization of deferred gift card sales commissions8,017 8,725 
Provision for impaired assets and restaurant closings1,839 2,200 
Non-cash interest expense from terminated interest rate swaps4,067  
Non-cash operating lease costs20,477 19,502 
Stock-based and other non-cash compensation expense4,843 4,726 
Deferred income tax expense3,209 1,571 
Other, net2,229 (829)
Change in assets and liabilities(18,080)(7,201)
Net cash provided by operating activities147,135 141,026 
Cash flows used in investing activities:  
Capital expenditures(40,180)(17,411)
Other investments, net1,030 793 
Net cash used in investing activities(39,150)(16,618)
Cash flows used in financing activities:
Repayments of long-term debt and finance lease obligations(2,863)(9,656)
Proceeds from borrowings on revolving credit facilities90,000 15,000 
Repayments of borrowings on revolving credit facilities(160,000)(107,000)
Proceeds from share-based compensation, net885 7,438 
Distributions to noncontrolling interests(2,641)(1,458)
Contributions from noncontrolling interests217 511 
Purchase of noncontrolling interests(1,000) 
Payments for partner equity plan(2,748)(1,747)
Repurchase of common stock(10,402) 
Cash dividends paid on common stock(12,559) 
Net cash used in financing activities(101,111)(96,912)
Effect of exchange rate changes on cash and cash equivalents1,965 (1,246)
Net increase in cash, cash equivalents and restricted cash8,839 26,250 
Cash, cash equivalents and restricted cash as of the beginning of the period89,057 110,408 
Cash, cash equivalents and restricted cash as of the end of the period$97,896 $136,658 
Supplemental disclosures of cash flow information:  
Cash paid for interest$2,444 $10,230 
Cash paid for income taxes, net of refunds$2,257 $2,150 
Supplemental disclosures of non-cash investing and financing activities:  
Leased assets obtained in exchange for new operating lease liabilities$11,515 $14,819 
Leased assets obtained in exchange for new finance lease liabilities$1,313 $15 
(Decrease) increase in liabilities from the acquisition of property, fixtures and equipment$(6,178)$2,005 

The accompanying notes are an integral part of these consolidated financial statements.

6

Table of Contents
BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1.    Description of the Business and Basis of Presentation

Description of the Business - Bloomin’ Brands (“Bloomin’ Brands” or the “Company”) owns and operates casual, upscale casual and fine dining restaurants. The Company’s restaurant portfolio has four concepts: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Additional Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill restaurants in which the Company has no direct investment are operated under franchise agreements.

Basis of Presentation - The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments necessary for fair financial statement presentation for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 26, 2021.

Recently Issued Financial Accounting Standards Not Yet Adopted - In November 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance” (“ASU No. 2021-10”), which requires financial statement footnote disclosure regarding government assistance accounted for by applying a grant or contribution accounting model by analogy. ASU No. 2021-10 is effective for the Company for the fiscal year ending December 25, 2022, with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU No. 2021-10 will have on its financial statement disclosures.

Recent accounting guidance not discussed herein is not applicable, did not have, or is not expected to have a material impact to the Company.

Reclassifications - The Company reclassified certain items in the accompanying consolidated financial statements for prior periods to be comparable with the classification for the current period, including, but not limited to, presentation of certain items within the condensed consolidated statements of cash flows and certain notes to the consolidated financial statements. These reclassifications had no effect on previously reported net income.

2.    Revenue Recognition

The following table includes the categories of revenue included in the Company’s Consolidated Statements of Operations and Comprehensive Income for the periods indicated:
THIRTEEN WEEKS ENDED
(dollars in thousands)MARCH 27, 2022MARCH 28, 2021
Revenues
Restaurant sales$1,123,575 $979,451 
Franchise and other revenues
Franchise revenues13,406 6,789 
Other revenues3,554 1,233 
Total Franchise and other revenues16,960 8,022 
Total revenues$1,140,535 $987,473 

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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
The following table includes the disaggregation of Restaurant sales and franchise revenues, by restaurant concept and major international market, for the periods indicated:
THIRTEEN WEEKS ENDED
MARCH 27, 2022MARCH 28, 2021
(dollars in thousands)RESTAURANT SALESFRANCHISE REVENUESRESTAURANT SALESFRANCHISE REVENUES
U.S.
Outback Steakhouse$595,393 $8,459 $547,195 $2,956 
Carrabba’s Italian Grill175,628 661 157,686 617 
Bonefish Grill151,416 177 126,974 130 
Fleming’s Prime Steakhouse & Wine Bar97,662  66,311  
Other3,536 5 1,893  
U.S. total1,023,635 9,302 900,059 3,703 
International
Outback Steakhouse Brazil85,301  60,848  
Other (1)14,639 4,104 18,544 3,086 
International total99,940 4,104 79,392 3,086 
Total$1,123,575 $13,406 $979,451 $6,789 
________________
(1)Includes Restaurant sales for Company-owned Outback Steakhouse restaurants outside of Brazil and Abbraccio restaurants in Brazil. Franchise revenues primarily includes revenues from franchised Outback Steakhouse restaurants.

The following table includes a detail of assets and liabilities from contracts with customers included on the Company’s Consolidated Balance Sheets as of the periods indicated:
(dollars in thousands)MARCH 27, 2022DECEMBER 26, 2021
Other current assets, net
Deferred gift card sales commissions$13,033 $17,793 
Unearned revenue
Deferred gift card revenue$314,974 $387,945 
Deferred loyalty revenue8,217 9,386 
Deferred franchise fees - current439 443 
Other1,674 1,021 
Total Unearned revenue$325,304 $398,795 
Other long-term liabilities, net
Deferred franchise fees - non-current$4,284 $4,280 

The following table is a rollforward of deferred gift card sales commissions for the periods indicated:
THIRTEEN WEEKS ENDED
(dollars in thousands)MARCH 27, 2022MARCH 28, 2021
Balance, beginning of period$17,793 $19,300 
Deferred gift card sales commissions amortization(8,017)(8,725)
Deferred gift card sales commissions capitalization4,169 3,499 
Other(912)(572)
Balance, end of period$13,033 $13,502 

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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
The following table is a rollforward of unearned gift card revenue for the periods indicated:
THIRTEEN WEEKS ENDED
(dollars in thousands)MARCH 27, 2022MARCH 28, 2021
Balance, beginning of period$387,945 $373,048 
Gift card sales50,280 44,169 
Gift card redemptions(116,622)(104,940)
Gift card breakage(6,629)(6,202)
Balance, end of period$314,974 $306,075 

3.    Earnings Per Share

In February 2021, the Company provided the trustee of its convertible senior notes due in 2025 (the “2025 Notes”) notice of the Company’s irrevocable election to settle the principal portion of the 2025 Notes in cash and any excess in shares. As a result, subsequent to the election, only the amounts in excess of the principal amount are considered in diluted earnings per share. The amount of the 2025 Notes settled in shares of common stock will have a dilutive impact on diluted earnings per share when the average market price of the Company’s common stock for a given period exceeds the conversion price, which was initially $11.89 per share of common stock.

In connection with the offering of the 2025 Notes, the Company entered into warrant transactions (the “Warrant Transactions”), which have a dilutive effect on the Company’s common stock to the extent the price of its common stock exceeds the strike price of the Warrant Transactions, which was initially $16.64.

In connection with dividends paid during the thirteen weeks ended March 27, 2022, the conversion price of the 2025 Notes decreased to $11.82 per share of common stock and the strike price of the related warrants decreased to $16.55 per share of common stock.

The following table presents the computation of basic and diluted earnings per share for the periods indicated:
THIRTEEN WEEKS ENDED
(in thousands, except per share data)MARCH 27, 2022MARCH 28, 2021
Net income attributable to Bloomin’ Brands
$75,511 $68,862 
Convertible senior notes if-converted method interest adjustment, net of tax (1) 1,381 
Diluted net income attributable to Bloomin’ Brands$75,511 $70,243 
Basic weighted average common shares outstanding89,355 88,367 
Effect of dilutive securities:
Stock options370 709 
Nonvested restricted stock units279 503 
Nonvested performance-based share units276 94 
Convertible senior notes (1)8,732 15,193 
Warrants4,442 5,775 
Diluted weighted average common shares outstanding103,454 110,641 
Basic earnings per share$0.85 $0.78 
Diluted earnings per share$0.73 $0.63 
________________
(1)Adjustment for interest related to the 2025 Notes weighted for the portion of the period prior to the Company’s election under the 2025 Notes indenture to settle the principal portion of its 2025 Notes in cash. Effective with the Company’s election, there will be no further numerator adjustments for interest or denominator adjustments for shares required to settle the principal portion.

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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
Share-based compensation-related weighted average securities outstanding not included in the computation of earnings per share because their effect was antidilutive were as follows, for the periods indicated:
THIRTEEN WEEKS ENDED
(shares in thousands)MARCH 27, 2022MARCH 28, 2021
Stock options1,417 1,364 
Nonvested restricted stock units217 73 
Nonvested performance-based share units365 431 

4.    Stock-based Compensation Plans

The Company recognized stock-based compensation expense as follows for the periods indicated:
THIRTEEN WEEKS ENDED
(dollars in thousands)MARCH 27, 2022MARCH 28, 2021
Performance-based share units$2,619 $1,469 
Restricted stock units1,810 2,366 
Stock options377 865 
$4,806 $4,700 

In February 2022, the Company granted 0.5 million performance-based share units (“PSUs”) subject to final payout modification by a Relative Total Shareholder Return (“Relative TSR”) modifier. This Relative TSR modifier can adjust the final payout outcome by 75%, 100% or 125% of the achieved performance metric, with the overall payout capped at 200% of the annual target grant. These PSUs have a three-year cliff vesting period and their fair value was estimated using the Monte Carlo simulation model.

Assumptions used in the Monte Carlo simulation model and the grant date fair value of PSUs granted were as follows for the periods indicated:
THIRTEEN WEEKS ENDED
MARCH 27, 2022MARCH 28, 2021
Assumptions:
Risk-free interest rate (1)1.64 %0.20 %
Dividend yield (2)2.31 % %
Volatility (3)49.11 %48.45 %
Grant date fair value per unit (4)$26.10 $29.73 
________________
(1)Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for the performance period of the unit.
(2)Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term.
(3)Based on the historical volatility of the Company’s stock over the last seven years.
(4)Represents a premium above the per share value of the Company’s common stock for the Relative TSR modifier as of the grant date of 7.9% and 14.3% as of March 27, 2022 and March 28, 2021, respectively.

The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of March 27, 2022:
UNRECOGNIZED COMPENSATION EXPENSE
(dollars in thousands)
REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)
Performance-based share units$21,163 1.6
Restricted stock units$12,002 2.2

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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
5.    Other Current Assets, Net

Other current assets, net, consisted of the following as of the periods indicated:
(dollars in thousands)MARCH 27, 2022DECEMBER 26, 2021
Prepaid expenses$21,431 $21,194 
Accounts receivable - gift cards, net8,660 91,248 
Accounts receivable - vendors, net14,297 11,793 
Accounts receivable - franchisees, net1,345 1,701 
Accounts receivable - other, net21,665 18,353 
Deferred gift card sales commissions13,033 17,793 
Company-owned life insurance policies18,023 17,244 
Other current assets, net6,134 5,297 
$104,588 $184,623 

6.    Long-term Debt, Net

Following is a summary of outstanding Long-term debt, net as of the periods indicated:
MARCH 27, 2022DECEMBER 26, 2021
(dollars in thousands)OUTSTANDING BALANCEINTEREST RATEOUTSTANDING BALANCEINTEREST RATE
Senior Secured Credit Facility:
Term loan A (1)$192,500 1.76 %$195,000 1.60 %
Revolving credit facility (2)10,000 4.00 %80,000 3.75 %
Total Senior Secured Credit Facility202,500 275,000 
2025 Notes230,000 5.00 %230,000 5.00 %
2029 Notes300,000 5.13 %300,000 5.13 %
Finance lease liabilities3,380 2,376 
Less: unamortized debt discount and issuance costs(13,433)(14,157)
Less: finance lease interest(202)(154)
Total debt, net722,245 793,065 
Less: current portion of long-term debt(11,220)(10,958)
Long-term debt, net$711,025 $782,107 
________________
(1)Interest rate represents the weighted average interest rate as of the respective periods.
(2)Interest rate represents the base rate option elected in anticipation of impending repayment.

Debt Covenants - As of March 27, 2022 and December 26, 2021, the Company was in compliance with its debt covenants.

Credit Agreement Amendment - On April 16, 2021, the Company and its wholly-owned subsidiary OSI Restaurant Partners, LLC (“OSI”), as co-borrowers, entered into the Second Amended and Restated Credit Agreement (the “Credit Agreement”), which provides for senior secured financing of up to $1.0 billion consisting of a $200.0 million Term loan A and an $800.0 million revolving credit facility (the “Senior Secured Credit Facility”).

On April 26, 2022, the Company and OSI entered into the First Amendment to the Second Amended and Restated Credit Agreement and Incremental Amendment (the “Amended Credit Agreement”), which included an increase of the Company’s existing revolving credit facility from $800.0 million to $1.0 billion and a transition from London Inter-Bank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”) as the benchmark rate for
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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
purposes of calculating interest under the Senior Secured Credit Facility. At closing, an incremental $192.5 million was drawn on the revolving credit facility to fully repay the outstanding balance of Term loan A. The total indebtedness of the Company remained unchanged as a result of the Amended Credit Agreement.

Under the Amended Credit Agreement, the Company may elect an interest rate at each reset period based on the Base Rate or Adjusted Term SOFR, plus an applicable spread. The Base Rate option is the highest of: (i) the prime rate of Wells Fargo Bank, National Association, (ii) the federal funds effective rate plus 0.5 of 1.0% or (iii) the Adjusted Term SOFR with a one-month interest period plus 1.0% (the “Base Rate”). The Adjusted Term SOFR option is the 30, 90 or 180-day SOFR, plus a term SOFR adjustment of 0.10%, subject to a 0% floor (the “Adjusted Term SOFR”). The interest rates are as follows:
BASE RATE ELECTIONADJUSTED TERM SOFR ELECTION
Revolving credit facility
50 to 150 basis points over the Base Rate
150 to 250 basis points over the Adjusted Term SOFR

The transition to SOFR did not materially impact the interest rate applied to the Company’s borrowings. No other material changes were made to the terms of the Company’s Credit Agreement as a result of the Amended Credit Agreement.

7.    Convertible Senior Notes

2025 Notes - The initial conversion rate applicable to the 2025 Notes was 84.122 shares of common stock per $1,000 principal amount of 2025 Notes, or a total of approximately 19.348 million shares for the total $230.0 million principal amount. This initial conversion rate was equivalent to an initial conversion price of approximately $11.89 per share. In connection with dividends paid during the thirteen weeks ended March 27, 2022, the conversion rate for the 2025 Notes decreased to approximately $11.82 per share, which represents 84.603 shares of common stock per $1,000 principal amount of the 2025 Notes, or a total of approximately 19.459 million shares.

The following table includes the outstanding principal amount and carrying value of the 2025 Notes as of the periods indicated:
(dollars in thousands)MARCH 27, 2022DECEMBER 26, 2021
Long-term debt, net
Principal$230,000 $230,000 
Less: debt issuance costs (1)(5,495)(5,898)
Net carrying amount$224,505 $224,102 
________________
(1)Debt issuance costs are amortized to Interest expense, net using the effective interest method over the 2025 Notes’ expected life.

Following is a summary of interest expense for the 2025 Notes, by component, for the periods indicated:
THIRTEEN WEEKS ENDED
(dollars in thousands)MARCH 27, 2022