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EXHIBIT (C) (99.1)
LANDRY'S SEAFOOD RESTAURANTS, INC. ("LNY"/NYSE)
ANNOUNCES A $200 MILLION LINE OF CREDIT FROM BANK SYNDICATE
HOUSTON, TEXAS (JUNE 29, 2000)
Landry's Seafood Restaurants, Inc. (the "Company"), the second largest operator
of casual dining seafood restaurants, today announced that it has obtained a
$200 million line of credit from a syndicate of banks led by Bank of America,
N.A. The renewal of the Company's existing credit facility increases the
Company's credit line capacity from $110 million to $200 million. The credit
facility provides the Company with additional capital to be available for future
expansion, investments, working capital, acquisitions, and common stock
repurchases. The renewal facility includes standard covenants, which were
similar to the Company's existing facility.
"Landry's received an overwhelming response to its credit facility renewal.
This obviously speaks well of the Company's current operational and financial
business fundamentals," stated Paul S. West, Vice President, Finance and Chief
Financial Officer. Mr. Tilman J. Fertitta, Chairman of the Board, President and
Chief Executive Officer, added, "I am extremely pleased with the increase in
available credit capacity and the enthusiastic support of the participating bank
group. The new 3-year facility is well structured to serve the Company's
capital needs for the next several years, especially in light of the size of the
credit capacity and the flexibility of the covenants."
The Bank of Nova Scotia, Fleet National Bank and Guaranty Federal Bank, F.S.B.
served as Syndication and Documentation Agents and Co-Agent, respectively.
Other banks included in the Company's syndicate were: Chase Bank of Texas, N.A.;
Bank One, N.A.; Firstar Bank, N.A.; Fuji Bank, Ltd.; SouthTrust Bank; Southwest
Bank of Texas, N.A.; and The Bank of Tokyo-Mitsubishi, Ltd.
This release contains certain forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), which are intended to be covered by
safe harbors created thereby. Stockholders are cautioned that all forward-
looking statements involve risks and uncertainty, including without limitation,
the ability of the Company to continue its expansion strategy, ability to make
projected capital expenditures, as well as general market conditions,
competition, and pricing. All statements, other than statements of historical
facts, included or incorporated by reference in this release that address
activities, events or developments that the Company expects or anticipates will
or may occur in the future, including such things as future capital expenditures
(including the amount and nature thereof), business strategy and measures to
implement such strategy, competitive strengths, goals, expansion and growth of
the Company's business and operations, plans, references to future success as
well as other statements which include words such as "anticipate,"
"believe," "plan," "estimate," "expect," and "intend" and other
similar expressions constitute forward-looking statements. Although the Company
believes that the assumptions underlying the forward-looking statements
contained herein are reasonable, any of the assumptions could be inaccurate and,
therefore, there can be no assurance that the forward-looking statements
included in this release will prove to be accurate. In light of the significant
uncertainties inherent in the forward-looking statements included herein, the
inclusion of such information should not be regarded as a representation by the
Company or any other person that the objectives and plans of the Company will be
achieved. Stockholders are referred to the full discussion of risks and
uncertainties associated with forward-looking statements contained in the
Company's Form 10-K filed with the Securities and Exchange Commission for the
fiscal year ended December 31, 1999.
