Published on 12/18/2012 in the Prospect News High Yield Daily.
New Issue: Landry's prices upsized $250 million 10¼% five-year notes at 99 to yield 10.509%
By Paul A. Harris
Portland, Ore., Dec. 18 - Landry's Holdings II, Inc. priced an upsized $250 million issue of 10¼% five-year senior cash pay notes (Caa1/CCC+/) at 99 to yield 10.509% on Tuesday, according to an informed source.
The coupon came at the tight end of the 10¼% to 10½% coupon talk. The reoffer price came on top of price talk.
Jefferies & Co. ran the books for the quick-to-market deal, which was upsized from $210 million.
Proceeds will be used to fund a distribution to the parent company.
Landry's Holdings is a Houston-based diversified restaurant, hospitality and entertainment company.
| Issuer: | Landry's Holdings II, Inc.
|
| Face amount: | $250 million, increased from $210 million
|
| Proceeds: | $247.5 million
|
| Maturity: | Jan. 1, 2018
|
| Securities: | Senior cash pay notes
|
| Bookrunner: | Jefferies & Co.
|
| Coupon: | 10¼%
|
| Price: | 99
|
| Yield: | 10.509%
|
| Call features: | Callable on Jan. 1, 2015 at 104, 102, par on and after Jan. 1, 2017
|
| Equity clawback | 35% at 110.25 until Jan. 1, 2015
|
| Change-of-control put: | 101%
|
| Trade date: | Dec. 18
|
| Settlement date: | Dec. 21
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 10¼% to 10½% coupon at 99
|
| Marketing: | Quick to market
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
