Boyd Gaming driving by with $750 million of 10-year senior notes; initial talk low 5% area

By Paul A. Harris

Portland, Ore., May 25 – Boyd Gaming Corp. plans to price a $750 million offering of 10-year senior notes (expected ratings: Caa1/B) in a Tuesday drive-by, according to market sources.

Initial guidance has the deal coming to yield in the low 5% area.

Deutsche Bank Securities Inc. is the lead.

The Rule 144A and Regulation S notes come with five years of call protection.

The Las Vegas-based gaming and hospitality company plans to use the proceeds to redeem all of its outstanding 6 3/8% senior notes due 2026.

In a Tuesday press release, Boyd Gaming announced that concurrently with the notes offering it also intends to redeem all of its outstanding 6% senior notes due 2026 using a combination of cash on hand and borrowings under its revolver.

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