The Associated Press November 28, 2011, 4:25PM ET

Landry's launches $90M notes offering

Restaurant operator Landry's Inc. said Monday that it is planning a $90 million notes offering to help pay for its acquisition of McCormick & Schmick's Seafood Restaurants Inc.

Landry's announced earlier this month that it will buy the seafood restaurant chain for $130 million after extended negotiations with Oregon-based McCormick & Schmick's.

The company said it plans to use the proceeds from the notes offering, along with another $50 million of additional term loans under its senior secured credit facility, to pay for the deal.

Landry's has not said when it expects the deal to close.

The company's restaurant chains also include the Bubba Gump Shrimp Co., The Crab House and Landry's Seafood. Landry's, which is privately-held, also owns and operates the Golden Nugget Hotel & Casinos and the downtown aquariums in Denver and Houston.

Shares of McCormick & Schmick's rose a penny Monday to close at $8.70. They fell a penny after hours.


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