Boyd Gaming buys back $17.5 million senior subordinated notes in Q2

By Angela McDaniels

Tacoma, Wash., Aug. 5 - Boyd Gaming Corp. purchased and retired a total of $17.5 million principal amount of its 7¾% senior subordinated notes, 6¾% senior subordinated notes and 7 1/8% senior subordinated notes during the second quarter, according to its 10-Q report for the period filed with the Securities and Exchange Commission.

The total purchase price of the notes was $15.5 million, which resulted in a net gain of $1.9 million.

The transactions were funded by availability under the company's bank credit facility.

In the second quarter of 2009, Boyd Gaming purchased and retired $34.2 million principal amount of its senior subordinated notes for $28.0 million, resulting in a net gain of $6.1 million.

The company believes that it is in compliance with the notes' restrictive covenants regarding, among other things, the incurrence of debt, sales of assets, mergers and consolidations and limitations on restricted payments as of June 30.

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

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