On April 1, 2013, Darden Corporation, parent company of Oliver Garden, Red Lobster, Longhorn Steakhouse, and Bahama Breeze, authorized the sale of $8,000,000 of 8% bonds with interest payment dates April 1 and October 1. The bonds were sold on July 1, 2013 and mature on April 1, 2023. The bonds were sold when market rates of interest were 10%. The premium/discount is amortized using the effective interest method.