Outback Steakhouse getting refied

Fox Business? reports:

BAML and DB are going to refi the $775mm senior loan in the Bambi deal into a new $175mm mezz loan, $325mm in senior debt, and $113.2mm in equity raised from selling 68 of the 300-ish properties.

The new CMBS are being used to refinance $775.7 million of existing CMBS debt that was originated in 2007 to finance the acquisition of OSI by investors advised by Bain Capital Partners and Catterton Partners, the term sheet said.

A sale of 68 properties for about $195.5 million and $113.2 million in cash will be used to repay the existing CMBS and recapitalize the investment firm, Private Restaurant Properties.

The collateral includes Outback Steakhouse, Carrabas, Bonefish, Cheeseburger In Paradise, Fleming's Steakhouse, Roy's (WTF is this?), and Lee Roy Selmon's (RIP) restaurants and represents about 20% of BALL 2007-BMB1.

All condolences aside, one should carefully consider whether or not to include "Roy" in the title of a restaurant. It makes me think of Lloyd's Seafood where you can get all you can eat beer battered fish and onion rings for $8 - that's not necessarily a bad thing, but it is what it is.