Boyd gaming corporation announces the pricing of $1.0 billion aggregate principal amount of 4.750% senior notes due 2027
Boyd gaming corporation announced that it has priced its previously announced offering of senior notes due 2027 (the “notes”). the aggregate principal amount of notes to be issued in the offering is $1.0 billion. the size of the offering was increased from the previously announced $750 million aggregate principal amount. the notes will bear interest at a rate of 4.750% per annum, payable semi-annually on june 1 and december 1 of each year, commencing june 1, 2020. the notes will mature on december 1, 2027. the notes will be fully and unconditionally guaranteed by certain of the company’s current and future domestic restricted subsidiaries. the closing of the offering is expected to occur on december 3, 2019, subject to satisfaction of customary closing conditions. the company also delivered a notice of conditional full redemption to holders of its outstanding 6.875% senior notes due 2023 (the “6.875% notes”), which provides for the redemption by the company of all of the outstanding 6.875% notes, subject to certain conditions, including the successful completion of this offering. the company intends to use the proceeds from the offering to finance the redemption of all of the outstanding 6.875% notes and to repay amounts outstanding under its revolving credit facility. the company intends to use borrowings under its revolving credit facility to pay the redemption premium, accrued and unpaid interest, fees, expenses and commissions (including the initial purchasers’ discount) related to this offering and the redemption.
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