Boyd Gaming Completes Exchange Offer For 4.750% Senior Notes Due 2027

Rhea-AI Summary

Boyd Gaming Corporation (NYSE: BYD) announced the successful completion of its Exchange Offer, which involved the exchange of $1 billion of its outstanding 4.750% Senior Notes due 2027 for new registered notes. The offer, which expired on August 14, 2020, saw an impressive 99.976% of the unregistered notes tendered and accepted. This exchange was conducted under a registration rights agreement established during the notes' initial issuance in December 2019. The Company emphasizes that this release serves informational purposes and does not constitute a solicitation.

Positive

• 99.976% of unregistered notes were successfully exchanged.
• Completion of the exchange may enhance liquidity and reduce borrowing costs.

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• None.

LAS VEGAS, Aug. 20, 2020 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) (the "Company") today announced that it has completed its offer to exchange all of its outstanding $1.0 billion aggregate principal amount of 4.750% Senior Notes due 2027 (the "Unregistered Notes") for new 4.750% Senior Notes due 2027 that have been registered under the Securities Act of 1933, as amended (the "Exchange Offer").

The Exchange Offer expired at 11:59 p.m. New York City time on August 14, 2020 (such time and date, the "Expiration Date"). As of the Expiration Date, 99.976% of the Unregistered Notes had been validly tendered and accepted for exchange.

The Exchange Offer was made pursuant to a registration rights agreement entered into by the Company when it originally issued the Unregistered Notes on December 3, 2019.

This press release is for informational purposes only and shall not constitute an offer to exchange, nor a solicitation of an offer to exchange, any securities. The Exchange Offer was made only pursuant to a prospectus for the Exchange Offer, dated July 13, 2020, and related letter of transmittal, which were filed with the United States Securities and Exchange Commission.

About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 29 gaming entertainment properties in 10 states.  The Company is also a strategic partner and 5% equity owner of FanDuel Group, the nation's leading sports-betting and iGaming operator.  With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering its guests an outstanding entertainment experience, delivered with unwavering attention to customer service.  For additional Company information and press releases, visit www.boydgaming.com.

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SOURCE Boyd Gaming Corporation

FAQ

What was Boyd Gaming's Exchange Offer about?

Boyd Gaming's Exchange Offer involved exchanging $1 billion of its 4.750% Senior Notes due 2027 for new registered notes.

When did the Exchange Offer for BYD's notes expire?

The Exchange Offer expired at 11:59 p.m. on August 14, 2020.

How much of the unregistered notes were accepted in Boyd Gaming's Exchange Offer?

A total of 99.976% of the unregistered notes were validly tendered and accepted.

Under what agreement was the Exchange Offer made?

The Exchange Offer was made pursuant to a registration rights agreement from December 2019.