Fitch rates Boyd facility BB

Fitch Ratings said it assigned a BB/RR1 rating to Boyd Gaming Corp.'s proposed $1.75 billion senior secured credit facility.

The new facility will consist of a $600 million revolver due 2018, a $150 million term loan A due 2018 and a $1 billion term loan B due 2020.

The term loan A will amortize at 5% per year and the term loan B at 1% per year. The proceeds will be used to refinance Boyd's existing credit facility. The term loans will also have a 50% excess cash flow sweep provision. Boyd's Peninsula assets and 50% stake in the Borgata will not be part of the collateral package.

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