S&P: Boyd unchanged after add-on

Standard & Poor’s said the ratings Boyd Gaming Corp.’s senior unsecured notes due 2023 remain at CCC+ with a recovery rating of 6 following news that the company upsized the debt to $750 million from $500 million.

The 6 recovery rating indicates 0 to 10% expected default recovery.

The proceeds will be used to pay about $56 million in transaction fees and expenses, including accrued interest and repay about $194 million of outstanding borrowings under Boyd’s revolving credit facility, in addition to retiring the existing $500 million in 9 1/8% senior unsecured notes due 2018, S&P said.

All of our ratings on the company, including its B corporate credit rating, are unchanged.

The outlook is stable.

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