Landry's Restaurants, Inc. Announces Pricing of $295.5 Million Principal Amount of Senior Secured Notes and Arrangement of a $215 Million Amended and Restated Credit Facility
Landry's Restaurants, Inc. (NYSE:LNY) today announced that it has priced an offering of $295.5 million in aggregate principal amount of 14% senior secured notes due 2011. The Company will receive gross proceeds of $260 million.
The notes will be secured and guaranteed by certain of Landry's subsidiaries. The notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and outside the United States pursuant to Regulation S under the Securities Act. The closing of the transaction is expected to occur on February 13, 2009, and is subject to customary conditions.
The Company also announced that it is also expecting to close a $215 million amended and restated credit facility consisting of a $50 million revolving credit facility and a $165 million term loan on February 13, 2009, subject to customary conditions. The new credit facility is being arranged by Wells Fargo Foothill, LLC and Jefferies Finance LLC, as co-lead arrangers and co-bookrunners.
The issuance of the notes and amending and restating the credit facility is part of the previously announced refinancing of the existing debt of the Company. The Company plans to use the net proceeds of the offering along with funds to be received from the amended and restated credit facility to refinance its outstanding debt, pay related transaction fees and expenses and for general corporate purposes.
The securities have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
The Company is a national, diversified restaurant, hospitality and entertainment company principally engaged in the ownership and operation of full-service, casual dining restaurants, primarily under the names of Rainforest Cafe, Saltgrass Steak House, Landry's Seafood House, Charley's Crab, The Chart House, and the Signature Group of restaurants. The Company is also engaged in the ownership and operation of select hospitality businesses, including the Golden Nugget Hotel & Casino in Las Vegas and Laughlin, Nevada.
Logos, product and company names mentioned are the property of their respective owners.
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