Darden Restaurants Inc.'s Proposed $750 Million Three- And Five-Year Senior Unsecured Notes Rated 'BBB' - S&P Global Ratings’ Credit Research

Darden Restaurants Inc.'s Proposed $750 Million Three- And Five-Year Senior Unsecured Notes Rated 'BBB'

Darden Restaurants Inc.'s Proposed $750 Million Three- And Five-Year Senior Unsecured Notes Rated 'BBB' - S&P Global Ratings’ Credit Research
Darden Restaurants Inc.'s Proposed $750 Million Three- And Five-Year Senior Unsecured Notes Rated 'BBB'
Published Sep 30, 2024
3 pages (1445 words) — Published Sep 30, 2024
Price US$ 150.00  |  Buy this Report Now

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Abstract:

DALLAS (S&P Global Ratings) Sept. 30, 2024--S&P Global Ratings today assigned its 'BBB' issue-level rating to Darden Restaurants Inc.'s (BBB/Stable/A-2) proposed $750 million three- and five-year senior unsecured notes. The company intends to use the net proceeds from this offering to complete its $605 million purchase of Chuy's Holdings Inc. Darden's S&P Global Ratings-reported free operating cash flow (FOCF) increased to $124 million in the first quarter of fiscal year 2025 (ended Aug. 25, 2024), which incorporates $150 million of capital spending during the quarter. The company's scale and profitability enabled it to expand its dividend by over 6% to more than $635 million and repurchase more than $480 million of shares over the last four quarters. We expect Darden

  
Brief Excerpt:

...- General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021 - General Criteria: Group Rating Methodology, July 1, 2019...

  
Report Type:

Ratings Action

Ticker
DRI
Issuer
Darden Restaurants Inc.
GICS
Restaurants (25301040)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Darden Restaurants Inc.'s Proposed $750 Million Three- And Five-Year Senior Unsecured Notes Rated 'BBB'" Sep 30, 2024. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Darden-Restaurants-Inc-s-Proposed-750-Million-Three-And-Five-Year-Senior-Unsecured-Notes-Rated-BBB-3259234>
  
APA:
S&P Global Ratings’ Credit Research. (). Darden Restaurants Inc.'s Proposed $750 Million Three- And Five-Year Senior Unsecured Notes Rated 'BBB' Sep 30, 2024. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Darden-Restaurants-Inc-s-Proposed-750-Million-Three-And-Five-Year-Senior-Unsecured-Notes-Rated-BBB-3259234>
  
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