Boyd Gaming to redeem 6%, 6 3/8% notes due 2026 with new notes

Chicago, May 25 – Boyd Gaming Corp. plans to redeem all of its outstanding 6 3/8% senior notes due 2026 and all of its 6% notes due 2026 with the proceeds from a new offering that was announced on Tuesday morning as $750 million of senior notes due 2031, according to a press release.

Initially the 6% notes were going to be redeemed with borrowings under a revolver, but later in the day the notes priced as an upsized offer of $900 million of new notes.

Due to the upsizing, both notes will be purchased with proceeds from the new notes and the revolver will be used to pay for premiums, fees and interest for the offering and the redemptions.

The redemptions are conditioned on the consummation of the new notes offering.

Boyd Gaming is a casino entertainment company with its corporate office in Las Vegas.

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