Darden Restaurants (NYSE: DRI) announced Monday that it began a program to buy down $600 million of its debt.
The debt repurchase is subject to Darden completing sale of its Red Lobster business to Golden Gate Capital, which the company announced in May for $2.1 billion. Darden expects to use about $1 billion of the cash proceeds from the Red Lobster sale retire outstanding debt, which totaled $2.76 billion according to the latest data.
Darden is the world's largest full-service restaurant company, owning and operating more than 1,500 restaurants. The Orlando-based company employs more than 150,000 people. Other chains include Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, The Capital Grille.Copyright © 2014, The Baltimore Sun