Landry's Restaurants again extends tender for 9½%, 7½% notes

New York, Feb. 5 - Landry's Restaurants, Inc. said it once more prolonged the tender offer for its $395.66 million of 9½% senior notes due 2014 and its $4.34 million outstanding 7½% senior notes due 2014.

The tender deadline is now 12:01 a.m. ET on Feb. 13, delayed from 5 p.m. ET on Feb. 5. It was previously pushed back from Jan. 29 and before that Jan. 26. The offers began on Dec. 23.

As of 5 p.m. ET on Feb. 5, holders had tendered $392.61 million of the 9½% notes and $3.535 million of the 7½% notes, up slightly from $392.15 million and $3.39 million as of 5 p.m. ET on Jan. 29, when the previous announcement was made.

By the consent deadline of 5 p.m. ET on Jan. 14, tenders and consents had been received for $391.0 million, or 98.8%, of the 9½% notes and $3.3 million, or 76.9%, of the 7½% notes.

Landry's said it has executed supplemental indentures.

The consent payment deadline was previously extended to 5 p.m. ET on Jan. 14, moved back from Jan. 9.

As previously announced, Landry's is tendering for the notes and soliciting consents to amend the indentures governing the notes to eliminate substantially all of the restrictive covenants and some events of default.

The company is offering $1,010 for each $1,000 principal amount of notes, which includes a consent payment of $5 for each note tendered by the consent payment deadline. The company will also pay accrued interest up to but excluding the payment date, which Landry's expects to occur promptly following the expiration date.

Holders who tender their notes must consent to the proposed amendments.

Holders who tender their 9½% notes may also exercise their put option. Those who exercise this put option but do not tender their 9½% notes under the tender offer will not receive the purchase price until the purchase date for the put option, which will be no earlier than Feb. 28, the company explained.

Each tender offer is conditioned on, among other things, the receipt of tenders from holders of at least a majority of the notes, the receipt of the consents needed to amend the indentures and the consummation of either (a) the merger with Fertitta Holdings, Inc. and the related debt financing - a transaction that has now been abandoned - or (b) the alternative debt financing contemplated by the debt commitment letter entered into in connection with the merger agreement.

The tender agent is U.S. Bank NA, and the information agent is Innisfree M&A Inc. (888 750-5834 or 212 750-5833).

Landry's is a restaurant, hospitality and entertainment company based in Houston. \

© 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.