Fitch gives B-/RR5 to Boyd Gaming notes

Fitch Ratings said it assigned a B-/RR5 rating to Boyd Gaming Corp.'s $500 million senior unsecured notes maturing 2026.

Boyd's issuer default rating is B with a positive outlook.

Boyd's announcement of the issuance mentions that the use of proceeds could include, among other potential uses, consolidating Peninsula Gaming LLC into Boyd's credit group and refinancing Boyd's existing debt. Boyd has 9% notes that become callable at 104.5 in July. Peninsula's 8 3/8% notes are callable now at 104.188 but there is no premium starting August.

If the proceeds are used to refinance debt, Fitch estimates $12 million to $14 million of annual interest expense savings.

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