Landry’s allocates $300 million term loan at Libor plus 1,200 bps

Chicago, April 8 – Landry’s Finance Acquisition Co. priced and allocated its upsized $300 million senior secured first-lien term loan due Oct. 4, 2023 on Wednesday, according to a market source.

The loan bears interest at Libor plus 1,200 basis points. Earlier talk had the loan pricing at Libor plus 1,400 bps.

As expected, the loan has a 1% Libor floor and an original issue discount of 96.

The term loan is non-callable for two years, then at 107 for six months and par thereafter, the source said.

Jefferies LLC is the bookrunner on the deal.

Proceeds will be used to provide incremental liquidity as the company navigates the impact of Covid-19.

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

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