Landry's and Jefferies-sponsored SPAC Landcadia files for a $300 million IPO

Landry's and Jefferies-sponsored SPAC Landcadia files for a $300 million IPO

Landcadia Holdings, a blank check company formed by the CEOs of Landry's and Jefferies to acquire an entertainment business, filed for an initial public offering on Thursday.

The Houston, TX-based company plans to raise $300 million by offering 30 million units at a price of $10, where it would command a market value of $375 million. Each unit contains a warrant that entitles the holder to purchase one-half of one share of Class A common stock at $5.75 per one-half share ($11.50 per whole share). 

The SPAC is jointly owned by Fertitta Entertainment (10% post-IPO stake) and Leucadia National (10%). Fertitta and Leucadia will pay $8 million to purchase 16,000,000 warrants in a concurrent private placement.

Tilman Fertitta is a cousin of Frank Fertitta, whose Las Vegas casino franchise Red Rock Resorts (RRR) IPO'd earlier this week.

Landcadia Holdings was formed in 2015 . Jefferies and Deutsche Bank are the joint book runners on the deal. No pricing date was disclosed.

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