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Boyd Gaming begins cash tender offer for 7¾% senior subordinated notes
By Marisa Wong
Madison, Wis., Oct. 27 - Boyd Gaming Corp. said it has started a cash tender offer to purchase any and all of its outstanding $158.832 million of 7¾% senior subordinated notes due 2012.
The company is also soliciting consents to proposed amendments to the indenture governing the notes that would, among other things, eliminate substantially all of the restrictive covenants.
The tender offer will expire at 5 p.m. ET on Nov. 24.
Holders must tender their notes and deliver consents before 5 p.m. ET on Nov. 9, the consent date, in order to receive the total consideration of $1,003.75 for each $1,000 principal amount of notes. The total consideration includes a consent payment of $30.00 per $1,000 of notes.
Holders who tender their notes after the consent date will receive only the tender offer consideration of $973.75, which is equal to the total consideration less the consent payment.
The company will also pay accrued interest from the most recent interest payment date to but excluding the applicable payment date.
Holders who tender their notes are deemed to have delivered their consents.
Notes tendered and consents delivered prior to the consent date may be withdrawn and revoked, respectively.
An amendment to the indenture will be executed if holders of a majority of the notes deliver their consents.
The tender offer and consent solicitation are subject to certain conditions, including receipt of proceeds of at least $500 million from a new debt financing.
J.P. Morgan (800 245-8812 or 212 270-1200) and Bank of America Merrill Lynch (888 292-0070 or 980 388-9217) are the dealer managers and solicitation agents. MacKenzie Partners, Inc. (800 322-2885 or 212 929-5500) is the information agent. Wells Fargo Bank, NA (213 614-2588) is the depositary.
Boyd Gaming is a Las Vegas-based owner and operator of gaming entertainment properties.
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