KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comLandry's hopes to fund takeover with debt offering
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HOUSTON (AP) - Landry's Restaurants Inc. said Wednesday it plans to refinance its debt and fund a portion of its takeover by CEO Tilman J. Fertitta with proceeds from a debt offering.
The offering totals up to $550 million in newly issued senior secured debt securities issued in a private placement.
Fertitta, who also serves as the company's president, hopes to take the restaurant chain private next year, following board approval of his $1.2 billion all-cash acquisition offer Tuesday.
Fertitta already controlled more than half of Landry's shares. Under terms of the deal, Fertitta's company will pay $14.75 per share in cash for Landry's stock it doesn't already own
Landry's operates restaurants nationwide under the names Rainforest Cafe, Landry's Seafood House, Charley's Crab and others.
Shares of the company rose 52 cents, or 3.8 percent, to close at $14.21.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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