Boyd Gaming bought back some 9¼% '03 notes

Boyd Gaming Corp. said in its quarterly 10-Q filing with the Securities and Exchange Commission on Thursday (Nov. 14) that it had purchased and cancelled approximately $77.8 million original principal amount of its 9¼% senior notes due 2003 in July, via privately negotiated transactions. It said that approximately $122.2 million principal amount of the notes currently remain outstanding (out of the originally issued $200 million of notes).

Boyd, a Las Vegas-based gaming company, said that it funded the purchase of those notes via borrowings from its bank credit facility. It repurchased the notes at prices ranging from 103.4% to 104.2% of par, plus accrued interest. The premium paid to repurchase the notes and the pro-rata portion of the unamortized deferred loan costs, together totaling $3.4 million, was recorded as a loss during the three-month period that ended Sept. 30, 2002 in the non-operating section of the income statement.

Tanger bought back some 7 7/8% '04 notes

Tanger Factory Outlet Centers Inc. said in its third-quarter 10-Q filing with the Securities and Exchange Commission on Thursday (Nov. 14) that last month (October 2002) it purchased $5.5 million of its outstanding 7 7/8% senior unsecured notes due 2004, bringing the total face amount purchased in 2001 and 2002 to $24.9 million.

During the first quarter of 2002 it purchased $4.9 million face amount of its outstanding 7 7/8% senior unsecured notes due 2004 at or below par. Tanger funded the purchases by amounts unavailable under its unsecured lines of credit.

Tanger, a Greensboro, N.C.- based real estate investment trust specializing in shopping centers containing brand-name factory outlet stores, said that the 2002 purchases were in addition to $14.5 million face amount of the notes purchased at par in the fourth quarter of 2001.

Duane Reade outlines 9¼% '08 note buybacks

Duane Reade Inc. said in its third-quarter 10-Q filing with the Securities and Exchange Commission on Tuesday (Nov. 12) that it plans to retire the remaining $1.6 million of its 9¼% senior notes due 2008 during the first quarter of 2003.

Duane Reade said it completed a tender offer and related solicitation of consents to proposed indenture changes among the holders of its outstanding 9¼% senior notes due 2008 on June 3. The company said that of the total $80 million of the 9¼% notes that were outstanding, $78.2 million were tendered on or before the May 20 consent deadline and an additional $200,000 were tendered thereafter.

Duane Reade, a New York-based drugstore chain operator, said that it paid consideration of $1,083.50 per $1,000 principal amount of senior notes tendered to us on or before the consent deadline, and $1,063.50 per $1,000 principal amount tendered after the consent deadline but before the May 31 expiration date

It paid out a total of $87.1 million in connection with the tender offer on June 3, consisting of $78.4 million principal value of the notes, $6.5 million of premium payments, and $2.2 million of accrued interest earned from February 16, 2002 through the payment date. Duane Reade used funds it had obtained from, its earlier sale of convertible notes to pay for the tender offer.

Duane Reade further said that as of Sept. 28, it had $5.5 million in term A and $60.4 million in term B loans outstanding under its senior credit agreement, and $218.5 million of outstanding convertible notes. It said it had outstanding borrowings under its $80 million revolving credit facility (other than $0.7 million of outstanding standby letters of credit) and $12.1 million in cash.

Any amounts outstanding under revolving loans and term A loans mature on February 15, 2004, and the term B loans mature on Feb. 15, 2007. Duane Reade expects that it will be able to extend or replace the revolving loan and term A loan portions of the Senior Credit Agreement prior to maturity.

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