Form 8-K DARDEN RESTAURANTS INC For: Aug 08
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Darden Restaurants (DRI) Completes 90% of Debt Retirement; Updates on FY15 Quarterly Ests
August 11, 2014 8:34 AM EDTDarden Restaurants (NYSE: DRI) has completed the repurchase of approximately $900 million of the previously announced $1 billion debt retirement leaving approximately $1.6 billion of debt on its balance sheet. The remaining $100 million of debt has been called for redemption and is expected to be retired later in August 2014. As previously announced, the Company used after-tax proceeds from its sale of Red Lobster to consummate the debt retirement and to initiate a $500 million accelerated stock buyback (ASB) program.
With the closing of the debt retirement, the Company is affirming its previously announced fiscal 2015 outlook and providing... More
S&P Removes Darden Restaurants (DRI) from CreditWatch Negative
August 8, 2014 11:18 AM EDTStandard & Poor's Ratings Services affirmed all of its ratings on Orlando, Fla.-based Darden Restaurants Inc. (NYSE: DRI), including the 'BBB-' corporate credit rating, and removed them from CreditWatch with developing implications, where we placed them on Dec. 19, 2013. The outlook is negative.
"The rating affirmation reflects our expectation that the company will make progress with improving results at Olive Garden and it will also maintain credit metrics in line with a low investment-grade rating, following its $1 billion debt repayment," said credit analyst Helena Song. "Pro... More
