Landry's to retire 9 3/8% notes due 2020 and 10¼% notes due 2018

By Susanna Moon

Chicago, Sept. 8 – Landry's, Inc. plans to redeem its 9 3/8% senior notes due 2020 and to make a distribution to its indirect parent to redeem all of its outstanding 10¼% senior notes due 2018.

The company also plans to refinance its senior secured credit facility.

Landry's plans to issue $575 million of senior notes due 2024 in a private offering under Rule 144A and Regulation S, according to a company announcement.

The company also will fund the redemptions with cash on hand and a new $1.5 billion senior secured credit facility consisting of a $200 million revolving credit facility and a $1.3 billion term loan, that it expects to close concurrently with the new notes offering.

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

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