Morton's Restaurant likely to launch new credit facility in January

By Sara Rosenberg

New York, Dec. 19 - Morton's Restaurant Group Inc. is expected to hold a bank meeting around mid-January to launch a new credit facility for its buyout by Tilman J. Fertitta's wholly owned company Fertitta Morton's Restaurants Inc., according to a market source.

Jefferies & Co. is the lead bank on the deal.

Details on size and structure are not yet available, the source said regarding the credit facility.

Under the agreement, Morton's is being purchased for $6.90 per share in cash through a tender offer that is expected to begin shortly. Upon the successful completion of the tender offer, Fertitta will acquire all remaining shares through a second-step merger.

Other funds for the buyout will come from cash on hand.

Closing is expected in early February, subject to the tender of a majority of shares, the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary conditions.

Morton's is a Chicago-based operator of company-owned upscale steakhouses.

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