Boyd Gaming wraps offer for its 7¾% notes due 2012 at 58% tendered

By Susanna Moon

Chicago, Nov. 29 - Boyd Gaming Corp. said holders had tendered $92,078,000 principal amount, or about 58%, of its $158,832,000 of 7¾% senior subordinated notes due 2012 as of 5 p.m. ET on Nov. 24, the expiration date.

As previously noted, holders tendered $92 million principal amount of the notes by 5 p.m. ET on Nov. 9, the consent date. The tender offer began on Oct. 27.

The company received the consents needed to amend the notes to eliminate substantially all of the restrictive covenants and, as a result, entered into a supplemental indenture, which became operative on Nov. 10, the purchase date for notes tendered by the consent deadline.

Holders had to tender their notes and deliver consents by the consent date in order to receive the total payment of $1,003.75 for each $1,000 principal amount of notes, which includes a consent fee of $30.00.

Holders who tendered their notes after the consent date will receive only the tender offer payment of $973.75, which excludes the consent fee.

The company will also pay accrued interest from the most recent interest payment date up to but excluding the applicable payment date.

The tender offer and consent solicitation required proceeds of at least $500 million from a new debt financing.

Boyd Gaming priced $500 million of eight-year senior notes at par to yield 9 1/8% on Oct. 28.

On Nov. 16, Boyd said it would redeem any of the notes that remain outstanding after the tender offer on Dec. 15 at par plus accrued interest up to the redemption date.

JPMorgan (800 245-8812 or 212 270-1200) and Bank of America Merrill Lynch (888 292-0070 or 980 388-9217) were the dealer managers and solicitation agents. MacKenzie Partners, Inc. (800 322-2885 or 212 929-5500) was the information agent. Wells Fargo Bank, NA (213 614-2588) was the depositary.

Wells Fargo Bank, NA is the redemption agent.

Boyd Gaming is a Las Vegas-based owner and operator of gaming entertainment properties.

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