On May 11, 2004, Standard&Poor's Ratings Services assigned its 'BBB' rating to Brinker International's proposed $300 million senior unsecured note offering due 2014. The notes will be issued under Rule 144A with registration rights. Proceeds from the offering will be used for general corporate purposes, including the repurchase of shares of common stock. The company currently has the authorization to repurchase approximately $500 million of stock. Outstanding ratings on Brinker, including the 'BBB' corporate credit rating, were affirmed. The outlook is stable. Dallas, Texas-based Brinker owns, operates, or franchises 1,475 restaurants under the names Chili's Grill&Bar, Romano's Macaroni Grill, On The Border Mexican Grill&Cantina, Maggiano's Little Italy, Corner Bakery Café, Big Bowl, and Rockfish.
