HOUSTON, April 28 /PRNewswire-FirstCall/ -- Landry's
Restaurants, Inc. (NYSE: LNY) ("Landry's" or the "Company") today
announced that it has closed on its offering of an additional
$47.0 million in aggregate principal
amount of 11 5/8% senior secured notes due 2015 (the "Additional
Notes"). The Company received proceeds of $49.8 million as a result of the sale of the
Additional Notes. The offering of the Additional Notes was
led by Jefferies & Company, Inc., as sole book-running manager.
Proceeds from the offering will be used to pay for the acquisition
of The Oceanaire, Inc. ("Oceanaire"), to repay outstanding revolver
balances and for general corporate purposes.
The Company further stated that the Bankruptcy Court had
approved its plan to acquire Oceanaire for approximately
$23.4 million plus the assumption of
certain additional working capital liabilities. The acquisition is
expected to close on or about April 30,
2010.
About Landry's Restaurants, Inc.
Landry's is a national, diversified restaurant, hospitality and
entertainment company principally engaged in the ownership and
operation of full-service, casual dining restaurants, primarily
under the names of Rainforest Cafe, Saltgrass Steak House, Landry's
Seafood House, Charley's Crab, The Chart House, and the Signature
Group of restaurants. The Company is also engaged in the
ownership and operation of select hospitality businesses, including
the Golden Nugget Hotel & Casinos in Las Vegas and Laughlin, Nevada.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, as amended,
which are intended to be covered by safe harbors created thereby.
Stockholders are cautioned that all forward-looking statements are
based largely on the Company's expectations and involve risks and
uncertainties, some of which cannot be predicted or are beyond the
Company's control. Some factors that could realistically cause
results to differ materially from those projected in the
forward-looking statements include the occurrence of any event,
change or other circumstances that could give rise to the
termination of the currently pending merger agreement with Fertitta
Group, Inc.; the outcome of any legal proceedings that have been,
or may be, instituted against the Company related to the merger
agreement; the inability to complete the merger due to the failure
to obtain stockholder approval for the merger or the failure to
satisfy other conditions to completion of the merger, including the
receipt of all regulatory approvals related to the merger; risks
that the proposed transaction disrupts current plans and operations
and the potential difficulties in employee retention as a result of
the merger; the ability to recognize the benefits of the merger;
the effects of local and national economic, credit and capital
market conditions on the economy in general, and on the gaming,
restaurant and hotel industries in particular; changes in laws,
including increased tax rates, regulations or accounting standards,
third-party relations and approvals, and decisions of courts,
regulators and governmental bodies; litigation outcomes and
judicial actions; acts of war or terrorist incidents or natural
disasters; the effects of competition, including locations of
competitors and operating and market competition; ineffective
marketing or promotions, weather, management turnover, higher
interest rates and gas prices, negative same store sales and other
risks described in the filings of the Company with the Securities
and Exchange Commission, including but not limited to, the
Company's Annual Report on Form 10-K for the year ended
December 31, 2009. The Company may
not update or revise any forward-looking statements made in this
press release.
SOURCE Landry's Restaurants, Inc.