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Moody's rates Landry's notes Caa1
Moody's Investors Service said it assigned a Caa1 (LGD 6-94%) rating to Landry's Holdings II, Inc.'s proposed $210 million senior unsecured notes due 2018.
In addition, Moody's affirmed all ratings of Landry's Inc. $1.2 billion bank credit facility at B1 (LGD 3-34%) and $425 million senior unsecured notes due 2020 rated Caa1 (LGD 5-87%).
The B2 corporate family rating and probability of default rating of Landry's were affirmed.
The outlook is stable.
Proceeds from the proposed new note offering will be used to fund a dividend to Landry's Holdings Inc., the parent company of Landry's Holdings II, which will use the proceeds for general corporate purposes.
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