Boyd Gaming Corporation Commences Exchange Offer For 4.750% Senior Notes Due 2027

Rhea-AI Summary

Boyd Gaming Corporation (NYSE: BYD) has initiated an exchange offer for its 4.750% Senior Notes due 2027. Holders of approximately $1.0 billion of outstanding Unregistered Notes, issued on December 3, 2019, can exchange them for an equal principal amount of Registered Notes. The exchange offer expires at 11:59 p.m. NYC time on August 14, 2020. The offer is subject to specific terms and conditions outlined in the prospectus dated July 13, 2020, filed with the SEC.

Positive

• Initiation of an exchange offer for 4.750% Senior Notes may enhance liquidity.
• Exchange offer allows holders to convert Unregistered Notes to Registered Notes, potentially increasing marketability.

Negative

• None.

LAS VEGAS, July 15, 2020 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today announced that it has commenced an exchange offer (the "Exchange Offer") for eligible holders to exchange any and all of the Company's outstanding 4.750% Senior Notes due 2027 (the "Unregistered Notes") that were originally issued on December 3, 2019 in a transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), in an aggregate principal amount of $1.0 billion.  Eligible holders of the Unregistered Notes may exchange them for an equal principal amount of the Company's 4.750% Senior Notes due 2027, which have been registered under the Securities Act (the "Registered Notes"). The terms of the Registered Notes are substantially identical to the Unregistered Notes, except for transfer restrictions and registration rights relating to the Unregistered Notes.

The Exchange Offer will expire at 11:59 p.m., New York City time, on August 14, 2020, unless extended or terminated in accordance with its terms.  Exchanges of the Unregistered Notes for Registered Notes must be made in accordance with the terms of the Exchange Offer before the Exchange Offer expires and may be withdrawn at any time before the Exchange Offer expires.  The completion of the Exchange Offer, and participation in the Exchange Offer by eligible holders, are each subject to the terms and conditions set forth in the prospectus and transmittal materials for the Exchange Offer.

Documents describing the terms of the Exchange Offer, including the prospectus and transmittal materials for making exchanges, can be obtained from the exchange agent addressed as follows:

Wilmington Trust, National Association
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-1626
Attention: Workflow Management—5th Floor

By Facsimile Transmission:
(302) 636-4139
Attention: Workflow Management—5th Floor

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 is being 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.

 

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SOURCE Boyd Gaming Corporation

FAQ

What is the exchange offer by Boyd Gaming for 4.750% Senior Notes due 2027?

Boyd Gaming is offering eligible holders to exchange their Unregistered Notes for Registered Notes of equal principal amount, enhancing liquidity and marketability.

When does the exchange offer for Boyd Gaming's Senior Notes expire?

The exchange offer expires at 11:59 p.m. NYC time on August 14, 2020.

How much is Boyd Gaming's outstanding Unregistered Notes?

The outstanding Unregistered Notes amount to approximately $1.0 billion.

What are the terms of the exchange offer by Boyd Gaming?

The terms of the exchange offer are described in the prospectus dated July 13, 2020, filed with the SEC.