Landry's, Inc. -- Moody's assigns Ba3 to proposed bank facility; B2 CFR affirmed; outlook positive

New York, September 13, 2016 -- Moody's Investor's Service ("Moody's) today assigned a Ba3 rating to Landry's Inc.'s ("Landry's") proposed $200 million senior secured revolver and $1.3 billion senior secured term loan B. Moody's also assigned a Caa1 rating to the company's proposed $575 million senior unsecured notes. Moody's affirmed Landry's B2 Corporate Family Rating and B2-PD Probability of Default Rating. In addition, Moody's affirmed the Ba3 rating assigned to Landry's current secured revolver and term loan and B3 rating assigned to its existing senior unsecured notes. The Caa1 rating assigned to the senior unsecured notes of Landry's Holdings II, Inc. (Landry's Holdings) were also affirmed. The SGL-3 Speculative Grade Liquidity of Landry's was withdrawn. The outlook for Landry's was changed to positive from stable.

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