Landry's launches exchange offer for $400 million 7½% notes

By Susanna Moon

Chicago, Sept. 24 - Landry's Restaurants, Inc. said it began an offer to exchange its $400 million 7½% senior notes due 2014 with its newly issued $400 million of 9½% senior notes due 2014.

If the notes are tendered by the exchange deadline of 5 p.m. ET on Oct. 23, the company will pay par plus accrued interest through Aug. 28 per $1,000 principal amount of the 7½% notes.

The new exchange notes are due Dec. 15, 2014 and pay interest semiannually.

According to the new terms, the company may call the notes at 101% plus accrued interest by Feb 28, 2009. In addition, noteholders can require the company to redeem the notes at 101% plus accrued interest between Feb. 29, 2009 and Dec. 15, 2011.

Landry's previously said it agreed to dismiss the lawsuit it filed against the indenture trustee and noteholders.

The company also said it will pay a $3 million consent fee and all reasonable attorneys fees and costs.

Landry's is a Houston-based diversified restaurant hospitality and entertainment company.

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