Boyd Gaming Corporation Closes Offering of 4.750% Senior Notes Due 2031

Rhea-AI Summary

Boyd Gaming Corporation (NYSE: BYD) has successfully closed its offering of $900 million in 4.750% senior notes due in 2031. The notes carry a semi-annual interest rate of 4.750%, with payments starting on September 15, 2021. Proceeds from this offering will be utilized to redeem existing senior notes with higher interest rates, specifically the 6.375% and 6.000% notes due in 2026. These new notes are guaranteed by certain domestic subsidiaries.

Positive

• Successfully raised $900 million through 4.750% senior notes issuance.
• Lowering interest expenses by redeeming higher interest notes.

Negative

• None.

LAS VEGAS, June 8, 2021 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) (the "Company") today announced that it has closed its previously announced offering of $900 million aggregate principal amount of 4.750% senior notes due 2031 (the "notes").

The notes bear interest at a rate of 4.750% per annum, payable semi-annually on March 15 and September 15 of each year, commencing September 15, 2021.  The notes will mature on June 15, 2031 and are fully and unconditionally guaranteed by certain of the Company's current and future domestic restricted subsidiaries.  As previously announced, the Company is using the proceeds from the offering to finance a portion of the redemption of all of its outstanding 6.375% senior notes due 2026 and 6.000% senior notes due 2026.

The notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws or blue sky laws, and may not be offered or sold in the United States absent registration under the Securities Act and applicable state securities laws or available exemptions from such registration requirements.  This announcement shall not constitute an offer to sell or the solicitation of an offer to buy the notes.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Such statements include, without limitation, statements regarding our expectations, hopes or intentions regarding the future.  These forward looking statements can often be identified by their use of words such as "will", "might", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "would", "target", "project", "intend", "plan", "seek", "estimate", "pursue", "should", "may" and "assume", or the negative thereof, as well as variations of such words and similar expressions referring to the future, and may include (without limitation) statements regarding the senior notes and use of proceeds from the offering.  Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement.  Factors that could cause actual results to differ include (without limitation) the Company's financial performance.  Additional factors are discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2021 and in the Company's other current and periodic reports filed from time to time with the Securities and Exchange Commission.  All forward-looking statements in this document are made based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

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SOURCE Boyd Gaming Corporation

FAQ

What are the details of Boyd Gaming's recent senior notes offering?

Boyd Gaming closed a $900 million offering of 4.750% senior notes due 2031, with interest payments starting on September 15, 2021.

How will Boyd Gaming use the proceeds from the senior notes offering?

The proceeds will finance the redemption of existing higher-interest senior notes due in 2026.

What is the interest rate on Boyd Gaming's new senior notes?

The new senior notes have an interest rate of 4.750% per annum.

When do Boyd Gaming's senior notes mature?

The senior notes will mature on June 15, 2031.