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Landry's amends credit facility

HOUSTON Landry’s Restaurants Inc. said Thursday it would amend its bank credit facility and offer secured notes to help refinance $400 million in senior debt.

The $210 million amended facility will include a $50 million revolving credit agreement and a $160 million term loan. It will be arranged by Wells Fargo Foothill LLC and Jefferies Finance LLC, the company said.

The senior notes will be due in 2011 and secured by Landry’s subsidiaries. The company expects gross proceeds of $270 million. At press time, the notes had not yet been registered with securities regulators.

Landry’s, which owns about 179 restaurants under the Rainforest Cafe, Saltgrass Steakhouse, Charley’s Crab and The Chart House, among other brands, said it plans to use proceeds to refinance outstanding debt, pay related transaction fees and for general corporate purposes.

On Monday, Landry’s ended a pending going-private buyout with its chief executive, Tilman Fertitta, so that it could continue to work on alternative financing to refinance its debt. The company said the deal was terminated because of a conflict with the Securities and Exchange Commission and its lenders' confidentiality agreements and disclosures. A cash tender offer for the company’s current notes due in 2014 began in December, and Landry’s said late Wednesday that the necessary consents were met to complete the offer.

Houston-based Landry’s also owns entertainment venues and the Golden Nugget Hotel & Casino in Las Vegas and Laughlin, Nev.

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