Seafood Co. Nets Lenders

Landry's Restaurants, an operator of casual dining seafood restaurants, found that hitting the $1 billion mark in revenues has led to a stronger appeal with lenders.

  • 26 Oct 2003
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Landry's Restaurants, an operator of casual dining seafood restaurants, found that hitting the $1 billion mark in revenues has led to a stronger appeal with lenders. "The market seems really good," noted Paul West, executive v.p. and cfo of Landry's. More banks made a commitment to the $200 million, four-year credit line led by Bank of America and Fleet Bank, than the last bank line, he said. Landry's increased revenues since the last syndication had a big impact, West stated. Second quarter revenues were $300 million, compared to $231.9 million just a year earlier.

West commented on the timing of the refinancing by explaining that the previous $220 million credit line had $86 million outstanding and was set to mature next June. He added that approximately $35 million of notes were also outstanding. In addition to the new bank line, Landry's completed a $150 million senior private placement notes issue with Prudential Capital Group earlier this month. The average term of the notes is approximately eight years, with a weighted average interest rate of 5.95%. The private placement provides a greater diversification of capital structure and longer-term financing, according to a statement from the company.

B of A and Fleet led the previous line and West declined to name the new lenders. But the current syndicate includes SunTrust Bank and Scotia Bank as co-syndication and documentation agents, respectively. Merrill Lynch, UBS, Branch Banking and Trust Company,Guaranty Bank, U.S. Bank, SouthTrust Bank, Bank One, SouthWest Bank of Texas and Costal Banc also participated.

  • 26 Oct 2003

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,237 10 19.12
2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 30,859.27 98 11.48%
2 JPMorgan 25,558.51 72 9.51%
3 Wells Fargo Securities 24,627.51 67 9.16%
4 Bank of America Merrill Lynch 23,023.30 73 8.56%
5 Barclays 16,546.45 55 6.16%