New Issue: Boyd Gaming prices upsized $750 million eight-year notes at par to yield 6 7/8%

By Paul A. Harris

Portland, Ore., May 7 – Boyd Gaming Corp. priced an upsized $750 million issue of eight-year senior notes (B3/expected CCC+/CCC+) at par to yield 6 7/8% on Thursday, according to market sources.

The deal was upsized from $500 million.

The yield printed at the tight end of yield talk in the 7% area.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Deutsche Bank Securities Inc., Wells Fargo Securities LLC, UBS Investment Bank, BNP Paribas Securities Corp. and Nomura were the joint bookrunners.

The Las Vegas-based gaming company plans to use the proceeds to fund the tender for its $500 million of 9 1/8% senior notes due 2018.

Issuer:	Boyd Gaming Corp.
Amount:	$750 million, increased from $500 million
Maturity:	May 15, 2023
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, BofA Merrill Lynch, Deutsche Bank Securities Inc., Wells Fargo Securities LLC, UBS Securities LLC, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Nomura Securities International Inc.
Coupon:	6 7/8%
Price:	Par
Yield:	6 7/8%
Spread:	482 bps
First call:	May 15, 2018 at 105.156
Equity clawback:	35% at 106.875 until May 15, 2018
Trade date:	May 7
Settlement date:	May 21
Ratings:	Moody's: B3
	Standard & Poor's: expected CCC+
	Fitch: CCC+
Distribution:	SEC registered
Price talk:	7% area
Marketing:	Quick to market

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.