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Landry’s reshapes plan; refinances debt
By T.J. Aulds
The Daily News
Published January 16, 2009
Days after a plan by Tilman Fertitta to take Landry’s Restaurants private fell through, the company announced Thursday it had arranged to refinance all of its outstanding debt.
In a news release, Landry’s said it had arranged for $210 million in new credit and will offer $270 million in senior notes to “refinance its outstanding debt, pay related transaction fees and expenses for general corporate purposes.”
The payback on the senior notes will come due by 2011, the company said. The notes will be secured and guaranteed by certain Landry’s subsidiaries.
The Houston-based Landry’s owns several restaurant chains, including Landry’s Seafood House, Willie G’s and Saltgrass Steakhouse, as well as themed attractions such as the Kemah Boardwalk. The company also operates the San Luis Hotel and Resort and other hotel properties in Galveston, as well as the Golden Nugget Hotel and Casino in Las Vegas and Laughlin, Nev.
On Monday, the company announced that the plan by Fertitta fell through when the companies financing the privatization declined to make public information sought by the Securities and Exchange Commission.
Those companies are supplying a credit line and loan to Landry’s.
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