PRESS RELEASE
FOR IMMEDIATE RELEASE: Landry's, Inc. Launches Tender Offer and Consent Solicitation for Senior Notes due 2015
HOUSTON, March 26, 2012 /PRNewswire/ -- Landry's, Inc.
("Landry's") announced today that it has
commenced a cash tender offer for any and all of its
$655,500,000 outstanding aggregate principal amount of 11
5/8% Senior Secured Notes due 2015 (CUSIP Nos. 51508LAK9 and
51509BAA2) (the "Notes"). In connection with the
tender offer, Landry's is soliciting consents to effect
certain 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 certain events of default. The tender
offer and consent solicitation (the "Offer to
Purchase") is being made pursuant to an Offer to
Purchase and Consent Solicitation Statement dated March 26,
2012, which more fully sets forth the terms and conditions of
the Offer to Purchase.
The Offer to Purchase will expire at 12:00 midnight, New York
City time, on April 20, 2012, unless terminated or extended
(the "Expiration Date"). Tendered Notes may be
withdrawn and consents may be revoked at any time prior to
the execution of a supplemental indenture by Landry's,
the guarantors, the trustee and the collateral agent
containing the proposed amendments. We expect that the
supplemental indenture will be executed on or promptly
following the receipt by the tender agent of valid and
unrevoked consents from the holders of at least 66 2/3% of
the aggregate principal amount of the Notes outstanding
(excluding Notes held by Landry's or any of its
affiliates).
As described in the Offer to Purchase, the "Total
Consideration" for Notes validly tendered and related
consents delivered on or before 5:00 p.m., New York City
time, on April 6, 2012 (such date and time, as the same may
be extended, the "Consent Date") and accepted for
purchase will be $1,120 per $1,000 principal amount of such
Notes, which includes a consent payment of $30 per $1,000
principal amount of such Notes.
Holders who validly tender, and do not withdraw, their Notes
and validly deliver their consents on or prior to
5:00 p.m., New York City time, on the Consent Date, and whose
Notes are accepted for purchase, will be eligible to receive
the Total Consideration. Holders who validly tender, and do
not withdraw, their Notes after the Consent Date but on or
before the Expiration Date, and whose Notes are accepted for
purchase, will be eligible to receive the "Tender Offer
Consideration," which is the Total Consideration less
the Consent Payment. . In each case, holders whose Notes are
accepted for purchase will receive accrued and unpaid
interest from the most recent payment date up to an early
settlement date or a final settlement date, as applicable.
Holders who tender their Notes will be obligated to consent
to the proposed amendments.
The tender offer is conditioned upon, among other things, (a)
the receipt of tendered Notes from the holders of at least 66
2/3% of the aggregate principal amount of the Notes
outstanding (excluding Notes held by Landry's or any of
its affiliates), (b) receipt of funds from certain
refinancing transactions in an amount sufficient to purchase
the tendered Notes as well as repay certain of Landry's
and its affiliates' outstanding indebtedness, and (c)
certain other general conditions, each are described in more
detail in the Offer to Purchase.
Jefferies & Company, Inc. ("Jefferies") is acting
as the dealer manager and solicitation agent and Deutsche
Bank Trust Company Americas ("Deutsche Bank") is
acting as the information agent and tender agent for the
Tender Offer and Consent Solicitation. Requests for documents
may be directed to Deutsche Bank at (800) 735-7777
(toll-free). Questions regarding the Tender Offer or Consent
Solicitation may be directed to Jefferies at (888) 708-5831
(toll-free) or (203) 708-5831 (collect).
This announcement is not an offer to purchase, a solicitation
of an offer to sell, or a solicitation of consents with
respect to the Notes or any new securities. The tender offer
and consent solicitation is made solely by means of the Offer
to Purchase and Consent Solicitation Statement dated March
26, 2012. The tender offer and consent solicitation are not
being made in any jurisdiction in which the making or
acceptance thereof would not be in compliance with the
securities, blue sky or other laws of such jurisdiction. None
of Landry's, the dealer manager and solicitation agent,
the information agent and tender agent, the trustee and
collateral agent under the Indenture or their respective
affiliates is making any recommendation as to whether or not
holders should tender all or any portion of their Notes in
the tender offer or deliver their consent to the proposed
amendments.
Landry's, Inc., indirectly wholly-owned by Tilman J.
Fertitta, is a national, diversified restaurant, hospitality
and entertainment company principally engaged in the
ownership and operation of high end and casual dining
restaurants, primarily under the names of Rainforest Cafe,
Saltgrass Steak House, Landry's Seafood House, The Chart
House, Oceanaire, Bubba Gump, Claim Jumper, McCormick &
Schmick's and Morton's, as well as a fine dining
signature group of restaurants: Vic & Anthony's, Grotto,
Willie G's and others. Landry's is also engaged in
the ownership and operation of gaming, hospitality and
entertainment businesses, including the Golden Nugget Hotel &
Casinos in Las Vegas and Laughlin, Nevada, and Atlantic City,
the Kemah Boardwalk, the San Luis Resort Hotel, and the
Downtown Aquariums in Denver and Houston.
CONTACT: Rick H. Liem, Executive Vice President & CFO,
+1-713-850-1010
distributed by | This press release was issued by Landry's Restaurants Inc. and was initially posted at http://www.landrysinc.com/pdf/pressReleases/2012/press_20120326-LaunchTender.pdf . It was distributed, unedited and unaltered, by noodls on 2012-03-26 20:40:35 PM. The issuer is solely responsible for the accuracy of the information contained therein. |