Boyd Gaming Corporation has priced an offering of senior notes due 2026. The aggregate principal amount of notes to be issued in the offering is $700m. The size of the offering was increased from the previously announced $500 million aggregate principal amount. The notes will bear interest at a rate of 6.000% per annum, payable semi-annually on February 15 and August 15 of each year, commencing August 15, 2018. The senior notes will mature on August 15, 2026. The senior 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 June 25, 2018, subject to satisfaction of customary closing conditions.

Upon the closing of the offering, Boyd expects to receive approximately $689m in net proceeds. The company intends to use the net proceeds from the notes offering in the future for working capital and general corporate purposes, which may include, without limitation, reducing or refinancing indebtedness, expansion efforts, including acquisitions of assets or businesses, and general capital expenditures. Furthermore, it will use the net proceeds to pay down the outstanding amounts under its senior secured revolving credit facility and will retain the balance of the net proceeds as additional cash on hand or invest the balance of the net proceeds in cash equivalents and short-term marketable securities.


The senior notes being offered have not been, and will not be, 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 senior notes.