Landry’s in market with tender for some term debt at 113-120 price

By Sara Rosenberg

New York, June 10 – Landry’s Finance Acquisition Co. is conducting a Dutch auction tender for $150 million of its recently completed $300 million senior secured first-lien term loan in a price range of 113 to 120, according to a market source.

The deadline for the offer is Thursday, the source said.

The offer was launched on Tuesday.

Jefferies LLC is the lead on the transaction.

The term loan due Oct. 4, 2023 is priced at Libor plus 1,200 basis points with a 1% Libor floor and was sold at an original issue discount of 96.

The term loan is non-callable for two years, then at 107 for six months.

Proceeds were used to provide incremental liquidity as the company navigates the impact of Covid-19.

Landry’s is a Houston-based restaurant, hospitality, gaming and entertainment company.

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