Landry's Announces Launch of Financing for Its Acquisition of McCormick & Schmick's

Landry's, Inc. today announced that it intends to offer, subject to market and other conditions, $90 million aggregate principal amount of its 11 5/8% Senior Secured Notes due 2015.  

To facilitate the financing, Landry's indirect wholly-owned subsidiary, Landry's Acquisition Co., intends to offer notes (the "Stage I Notes" and, together with the Landry's Notes, the "Notes") that automatically will be exchanged for Landry's Notes upon consummation of the previously announced acquisition of McCormick & Schmick's Seafood Restaurants, Inc. (the "Acquisition").  The Notes will be offered in a private placement in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.

Landry's will use the net proceeds from the offering of the Notes, together with the proceeds of the issuance of $50 million of additional term loans under its senior secured credit facility, to finance the Acquisition and to pay related fees and expenses.


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