September 23, 2017 9:46 PM ET

Hotels, Restaurants and Leisure

Company Overview of Landry's, Inc.

Company Overview

Landry's, Inc. operates as a diversified restaurant, hospitality, and entertainment company. The company owns and operates full-service, casual dining restaurants. As of December 31, 2010, it operated 210 restaurants, limited menu restaurants, and other properties in 31 states and the District of Columbia, as well as Ontario, Canada and Hong Kong. The company operates its restaurants primarily under the Landry’s Seafood House, Rainforest Cafe, Charley’s Crab, The Chart House, Saltgrass Steak House, The Oceanaire Seafood Room, and Bubba Gump Shrimp Company names, as well as licenses international restaurants under the Rainforest Cafe and Bubba Gump Shrimp Company names. The company also engag...

1510 West Loop South

Houston, TX 77027

United States

Founded in 1980

29,000 Employees

Phone:

713-850-1010

Fax:

281-632-4702

Key Executives for Landry's, Inc.

Chairman, Chief Executive Officer and President
Age: 60
CFO, Principal Accounting Officer, Executive VP, Controller and Director
Age: 63
Chief Administration Officer of Hospitality & Gaming Division
Age: 58
Executive Vice President of Administration, Secretary, General Counsel and Director
Age: 55
Senior Vice President of Development
Age: 52
Compensation as of Fiscal Year 2017.

Landry's, Inc. Key Developments

Landry's Bids For Joe's Crab Shack, Brick House

Ignite Restaurant Group, Inc. (OTCPK:IRGT.Q) has another suitor seeking to buy its Joe's Crab Shack and Brick House Tavern + Tap brands - and it's a familiar name. Landry's Inc. announced a bid to buy the brands for $55 million, according to filings with the U.S. Bankruptcy Court in Houston. That's higher than the bid Ignite announced it had secured when it filed for Chapter 11 bankruptcy protection earlier this month. Landry's said it previously made an offer to buy the brands for $60 million before Ignite reached its deal with KRG Acquisitions Co. LLC. Landry's notes in a filing that it later requested a price reduction on that offer "for reasons it explained to" Ignite regarding "admittedly bad results," but the companies did not come to an agreement after that. Landry's said it found out about KRG's offer through the bankruptcy case. As such, Landry's objects to the bid procedures motion, which asks the court "to approve a process based on an inferior stalking horse bidder and proposes payment of a breakup fee to a party that cannot earn it under these circumstances, where the economic terms 'ab initio' are plainly inadequate," per the filings. An attorney for Ignite did not immediately respond to a request for comment.

Landry's, Inc. Announces Closing of Refinancing

Landry's, Inc. announced that it has closed on its offering of $600.0 million in aggregate principal amount of 6.750% senior notes due 2024 (the New Notes), as well as a new $200.0 million senior secured revolving credit facility and a $1.3 billion senior secured term loan (the New Credit Facilities). The gross proceeds of the New Notes, together with cash on hand and borrowings under the New Credit Facilities, will be used to repay certain existing indebtedness and all accrued and unpaid interest thereon (including to redeem its outstanding senior unsecured notes due 2020 and make a distribution to its indirect parent to redeem all of its outstanding senior unsecured notes due 2018), provide an additional distribution to its indirect parent and pay related fees and expenses.

Landry's, Inc. Launches Private Offering of $575 Million Aggregate Principal Amount of Senior Notes Due 2024

Landry's, Inc. announced that it is proposing to issue $575 million aggregate amount of senior notes due 2024 in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the 'Securities Act'). The proposed offering is subject to market and other conditions. Landry's intends to use the net proceeds from the offering, together with cash on hand, and a new $1.5 billion senior secured credit facility consisting of a $200 million revolving credit facility and a $1.3 billion term loan, that it expects to enter into concurrently with the closing of the notes offering, to (i) refinance Landry's existing indebtedness, including a redemption of all of its outstanding 9 3/8% senior unsecured notes due 2020 and the refinancing of its existing senior secured credit facility, and (ii) make a distribution to its indirect parent to redeem all of its outstanding 10.25% senior unsecured notes due 2018. The notes are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States only to non-U.S. investors pursuant to Regulation S.

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Recent Private Companies Transactions

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Merger/Acquisition
August 11, 2017
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