Landry's to offer eight-year notes April 16 week via Jefferies

By Paul A. Harris

Portland, Ore., April 11 - Landry's Inc. will bring an offering of eight-year senior notes via bookrunner Jefferies & Co. in the April 16 week, according to market sources.

The expected size is $400 million, based on the increase of the senior unsecured carve-out in Landry's capital structure to $400 million from $200 million. That increase came about by the removal of a previously planned $200 million term loan A.

The notes will come with four years of call protection.

In addition to the bonds, Landry's is also putting in place $1.2 billion of credit facilities.

Proceeds will be used to refinance about $331 million of bank debt at Landry's and about $208 million of bank debt at Morton's Restaurant Group Inc. and to refinance other debt.

Landry's is a Houston-based full-service restaurant, hospitality and entertainment company.

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