Landry's begins tender offer, consent solicitation for 11 5/8% notes

By Angela McDaniels

Tacoma, Wash., March 26 - Landry's, Inc. began a tender offer for its $655.5 million of 11 5/8% senior secured notes due 2015, according to a company news release.

In connection with the tender offer, Landry's is soliciting consents to make some proposed amendments to the indenture governing the notes that would release all of the collateral that secures the notes and eliminate substantially all of the restrictive covenants as well as some events of default.

Holders who tender their notes are obligated to consent to the proposed amendments.

The company expects to execute a supplemental indenture promptly following the receipt of consents from the holders of at least two-thirds of the outstanding notes, excluding notes held by Landry's or any of its affiliates.

The company is offering $1,120 per $1,000 principal amount of notes. This includes a consent payment of $30 for notes tendered with consents by 5 p.m. ET on April 6, the consent date.

Holders will also receive accrued interest up to the applicable settlement date.

The tender offer will expire at midnight ET on April 20.

The tender offer is conditioned on, among other things, the receipt of tenders for at least two-thirds of the outstanding notes and the receipt of enough funds from certain refinancing transactions to purchase the tendered notes as well as repay some of Landry's and its affiliates' outstanding debt.

The dealer manager and solicitation agent is Jefferies & Co., Inc. (888 708-5831 or 203 708-5831). The information agent and tender agent is Deutsche Bank Trust Co. Americas (800 735-7777).

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

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