LAS VEGAS, May 7, 2015 /PRNewswire/ -- Boyd Gaming
Corporation (NYSE: BYD) today announced that it has
commenced and priced a registered public offering of $750 million aggregate principal amount of Senior
Notes due 2023. The notes will bear interest at a rate of
6.875% per annum, payable semi-annually in arrears on May 15 and November
15 of each year beginning on November
15, 2015. The senior notes will mature on May 15, 2023. 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 May 21, 2015, subject to the satisfaction of
customary closing conditions.
The Company stated that it expects to apply the net proceeds of
the offering primarily toward a repurchase or redemption, as
applicable, of any and all of its outstanding 9.125% senior notes
due 2018, including the payment of accrued but unpaid interest on
such notes, subject to the satisfaction of certain conditions, and
the repayment of approximately $194
million of outstanding borrowings under its revolving credit
facility, which will correspondingly increase available borrowing
capacity under such facility. It may also use a portion of
the net proceeds from the offering for general corporate purposes.
The offering is not conditioned upon the consummation of the tender
offer for the outstanding 9.125% senior notes.
A copy of the prospectus and prospectus supplement in connection
with the offering may be obtained by contacting J.P. Morgan
Securities LLC, 383 Madison Avenue, New
York, New York 10179 or by calling collect at
1-212-834-4533.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the notes, nor shall there be any
sale of the notes in any jurisdiction in which such offer,
solicitation or sale would not be permitted.
In no event will the information contained in this release
regarding the repurchase and redemption for the 9.125% senior notes
due 2018 constitute an offer to sell or purchase, or a solicitation
of an offer to sell or purchase, or the solicitation of tenders or
consents with respect to, the 9.125% senior notes due 2018.
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", "predict",
"continue", "forecast", "expect", "believe", "anticipate",
"outlook", "could", "target", "project", "intend", "plan", "seek",
"estimate", "should", "may" and "assume", as well as variations of
such words and similar expressions referring to the future, and may
include (without limitation) statements regarding the terms and
conditions and timing of the notes offering. Forward-looking
statements involve certain risks and uncertainties, and actual
results may differ materially from those discussed in each such
statement. Factors that could cause actual results to differ
include (without limitation) the possibility that the notes
offering will not be consummated at the expected timing, on the
expected terms, or at all; and the Company's financial
performance. Additional factors are discussed under the
heading "Risk Factors" in the Company's Quarterly Report on Form
10-Q for the quarterly period ended March
31, 2015, 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 as of the date hereof, 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