PRESS RELEASE
FOR IMMEDIATE RELEASE: Landry's, Inc. Announces Receipt of Requisite Consents and Execution of Supplemental Indenture for Senior Notes due 2015
HOUSTON, April 9, 2012 /PRNewswire/ -- Landry's, Inc.
("Landry's") announced today that it had
received, as of 5:00 p.m., New York City time, on April 6,
2012 (the "Consent Date"), tenders and consents
from holders of more than 66 2/3% of its $655,500,000
aggregate principal amount of 11 5/8% Senior Secured Notes
due 2015 (CUSIP Nos. 51508L AK9 and 51509B AA2) (the
"Notes") outstanding (excluding Notes held by
Landry's or any of its affiliates) in connection with
its previously announced tender offer and consent
solicitation, which commenced on March 26, 2012 and is
described in the Offer to Purchase and Consent Solicitation
Statement dated March 26, 2012 (the "Offer to
Purchase").
As a result, Landry's, the guarantors, the trustee and
the collateral agent executed a supplemental indenture (the
"Supplemental Indenture") to amend the indenture
governing the Notes to 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 amendments contained in the Supplemental Indenture will
not become operative until the purchase of validly tendered
Notes on an early settlement date pursuant to the terms of
the Offer to Purchase. Withdrawal and revocation rights have
terminated with respect to tendered Notes and consents
pursuant to the terms of the Offer to Purchase.
Holders who validly tendered (and did not subsequently
withdraw) their Notes prior to the Consent Date will be
eligible to receive the "Total Consideration" of
$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 have not tendered their Notes may
still do so until 12:00 midnight, New York City time, on
April 20, 2012, unless the tender offer is terminated or
extended (the "Expiration Date"). However, holders
who validly tender their Notes after the Consent Date but on
or prior to the Expiration Date, and whose Notes are accepted
for purchase, will only 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 interest payment
date up to an early settlement date or a final settlement
date, as applicable.
Landry's obligation to accept for purchase and pay for
any Notes tendered pursuant to the tender offer remains
subject to, and conditioned upon, among other things, 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 certain other general conditions, each of
which 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 are being made solely by means of
the Offer to Purchase. 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
governing the Notes 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.
About Landry's, Inc.
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 of
Landry's, Inc., +1-713-850-1010
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