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Landry's extends tender offer for 11 5/8% notes due 2015
By Angela McDaniels
Tacoma, Wash., April 19 - Landry's, Inc. extended the tender offer for its $655.5 million of 11 5/8% senior secured notes due 2015 to midnight ET on April 23 from midnight ET on April 20, according to a company news release.
As of 5 p.m. ET on April 18, holders had tendered $644,237,000 principal amount, or 98.3%, of the notes.
In connection with the tender offer, Landry's is soliciting consents to make some proposed amendments to the indenture governing the notes that would release all of the collateral that secures the notes and eliminate substantially all of the restrictive covenants as well as some events of default.
Holders who tender their notes are obligated to consent to the proposed amendments.
On April 9, the company said it had received enough consents to make the amendments. Consents were needed from the holders of at least two-thirds of the outstanding notes, excluding notes held by Landry's or any of its affiliates.
A supplemental indenture has been executed, and the amendments will become operative once the tendered notes are purchased.
The company is offering $1,120 per $1,000 principal amount of notes. This includes a consent payment of $30 for notes tendered with consents by 5 p.m. ET on April 6, the consent date.
Holders will also receive accrued interest up to the applicable settlement date.
The tender offer began March 26.
The tender offer is conditioned on, among other things, the receipt of enough funds from refinancing transactions to purchase the tendered notes as well as repay some of Landry's and its affiliates' outstanding debt.
The dealer manager and solicitation agent is Jefferies & Co., Inc. (888 708-5831 or 203 708-5831). The information agent and tender agent is Deutsche Bank Trust Co. Americas (800 735-7777).
Landry's is a restaurant, hospitality and entertainment company based in Houston.
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