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 and plans to list on the Nasdaq under the symbol LCAHU. Jefferies and Deutsche Bank are the joint bookrunners on the deal. No pricing date was disclosed.