OSI Restaurant Partners, LLC Announces Expiration and Final Results of Its Previously Announced Tender Offer for Its 10% Senior Notes Due 2015 and Redemption of All Outstanding 10% Senior Notes Due 2015

TAMPA, Fla., Aug. 22, 2012 /PRNewswire/ -- OSI Restaurant Partners, LLC ("OSI"), a wholly owned subsidiary of Bloomin' Brands, Inc. (Nasdaq: BLMN), announced today that as of 12:00 midnight, New York City time, on August 21, 2012 (the "Expiration Date"), it had received no new tenders or consents from the holders of its 10% Senior Notes due 2015 (CUSIP No. 67105EAB8) (the "Notes") since it purchased $102,207,000 in aggregate principal amount of Notes on August 13, 2012 pursuant to the terms of its tender offer and consent solicitation for the Notes (the "Offer"), which commenced on July 25, 2012, and was described in the Offer to Purchase and Consent Solicitation Statement dated July 25, 2012 (the "Offer to Purchase"). 

OSI also announced today that on August 13, 2012 it discharged its remaining obligations under the indenture governing the Notes by delivering to the trustee a notice of redemption to holders of the outstanding Notes calling for such Notes to be redeemed on September 12, 2012 and by depositing in trust with the trustee funds sufficient to pay and discharge all remaining indebtedness under the Notes, including accrued and unpaid interest to, but not including, the payment date specified in the indenture in respect of such redemption.

OSI used cash on hand, together with proceeds made available to it from the initial public offering of shares of common stock of its ultimate parent company, Bloomin' Brands, Inc., to fund payments to holders who validly tendered their Notes in the Offer and to fund the redemption of the remaining Notes.

This press release is not an offer to purchase any Notes in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer under applicable securities, "blue sky" or other laws.  No dealer, salesperson or other person has been authorized to give any information or to make any representation not contained or incorporated by reference in the Offer to Purchase.  We take no responsibility for, and can provide no assurance as to, the reliability of any other information that other persons may give you.  The Offer is made only by, and pursuant to the terms of, the Offer to Purchase, and the information in this press release is qualified by reference to the Offer to Purchase and the related Consent and Letter of Transmittal.  Neither OSI nor any of its representatives or agents makes any recommendation in connection with the Offer.

About OSI Restaurant Partners, LLC:

OSI Restaurant Partners, LLC's portfolio of brands consists of Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse & Wine Bar and Roy's. It has operations in 48 states and 20 countries and territories internationally.  OSI's website can be found at www.osirestaurantpartners.com.

SOURCE OSI Restaurant Partners, LLC