Landry's sets investor call for $200 million add-on due 2020; pricing Thursday

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., May 1 - Landry's Inc. is planning to sell a $200 million add-on to its existing 9 3/8% senior notes due May 1, 2020 (Caa1/CCC+) on Thursday, according to a market source.

The company has scheduled an investor call for Wednesday.

Jefferies & Co., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are the joint bookrunners for the Rule 144A and Regulation S for life deal.

The notes will be callable May 1, 2015 at 107.031.

Proceeds will be used to repay the company's revolver and for general corporate purposes.

The Houston-based full-service restaurant, hospitality and entertainment company priced the original $425 million issue at par in April 2012.

The add-on notes will be immediately fungible with the existing notes.

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