New Issue: Boyd Gaming prices upsized $600 million five-year notes at par to yield 8 5/8%

By Paul A. Harris

Portland, Ore., May 13 – Boyd Gaming Corp. priced an upsized $600 million issue of five-year senior notes (Caa1/B-) at par to yield 8 5/8% in a Thursday drive-by, according to market sources.

Bookrunners were J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., BofA Securities Inc., Fifth Third Securities Inc., Wells Fargo Securities LLC, Capital One Securities Inc., BNP Paribas Securities Corp., U.S. Bancorp Investments Inc., Credit Agricole CIB, Citizens Capital Markets Inc., UBS Securities LLC and KeyBanc Capital Markets Inc.

The issue size increased from $500 million.

The yield printed at the tight end of the 8 5/8% to 8 7/8% yield talk and inside of initial guidance in the 9% area.

The Las Vegas-based gaming and hospitality company plans to use the proceeds for general corporate purposes, including working capital.

Issuer:	Boyd Gaming Corp.
Amount:	$600 million, increased from $500 million
Maturity:	June 1, 2025
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., BofA Securities Inc., Fifth Third Securities Inc., Wells Fargo Securities LLC, Capital One Securities Inc., BNP Paribas Securities Corp., U.S. Bancorp Investments Inc., Credit Agricole CIB, Citizens Capital Markets Inc., UBS Securities LLC and KeyBanc Capital Markets Inc.
Coupon:	8 5/8%
Price:	Par
Yield:	8 5/8%
Spread:	831 bps
Call protection:	Two years
Trade date:	May 13
Settlement date:	May 21
Ratings:	Moody's: Caa1
	S&P: B-
Distribution:	Rule 144A and Regulation S for life
Price talk:	8 5/8% to 8 7/8%
Marketing:	Drive-by

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