Boyd Gaming upsizes term B to $1 billion, flexes to Libor plus 300 bps

By Sara Rosenberg

New York, Aug. 15 – Boyd Gaming Corp. lifted its seven-year covenant-light term loan B to $1 billion from $700 million and reduced pricing to Libor plus 300 basis points from Libor plus 325 bps, according to a market source.

Also, the Libor floor on the term loan B was reduced to 0% from 0.75% and the original issue discount talk was revised to a range of 99.75 to 99.875 from 99.5, the source said.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the lead banks on the deal.

Commitments are due at noon ET on Tuesday, the source added.

Proceeds from the term loan B will be used with cash proceeds from the Borgata sale to refinance existing Peninsula debt and for general corporate purposes.

The Peninsula entity, which is currently an unrestricted subsidiary, will be consolidated into the Boyd capital structure.

Boyd is a Las Vegas-based operator of gaming entertainment properties.

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