Brinker International (EAT) Prices 7M Share Offering at $18.25/Sh

Brinker International, Inc. (NYSE: EAT) announced today that it has priced an underwritten public offering of 7,000,000 shares of its common stock at $18.25 per share. The Company granted the underwriters a 30-day option to purchase up to an additional 1,050,000 shares of common stock. The offering is expected to close on or about May 11, 2020, subject to customary closing conditions.

The Company expects to receive net proceeds of approximately $121 million (or approximately $139 million if the underwriters exercise in full their option to purchase additional shares of common stock), after deducting the underwriters' discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds from this offering, including any net proceeds from the underwriters' exercise of their option for general corporate purposes.

J.P. Morgan and BofA Securities are acting as lead book-running managers and representatives of the underwriters for the offering. Wells Fargo Securities, Barclays, SunTrust Robinson Humphrey and MUFG will be serving as book-running managers, and BTIG, PNC Capital Markets LLC and Regions Securities LLC will be serving as co-managers.

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