On 1st April, 2013, Darden Corporation, parent company of Oliver Garden, Red Lobster, Longhorn Steakhouse, and Bahama Breeze, authorized the sale of $8,000,000 of 8 percent bonds with interest payment dates October 1 and April 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 percent. The discount/ premium is amortized using the effective interest method.