LAS VEGAS, May 25, 2021 /PRNewswire/ -- Boyd Gaming
Corporation (NYSE: BYD) (the "Company") today announced that it has
priced its previously announced offering of senior notes due 2031
(the "notes"). The aggregate principal amount of notes to be issued
in the offering is $900 million. The
size of the offering was increased from the previously announced
$750 million aggregate principal
amount. The notes will bear interest at a rate of 4.750% per
annum, payable semi-annually on March
15 and September 15 of each
year, commencing September 15,
2021. The notes will mature on June
15, 2031. The notes will be fully and unconditionally
guaranteed by certain of the Company's current and future domestic
restricted subsidiaries. The closing of the offering is
expected to occur on June 8, 2021,
subject to satisfaction of customary closing conditions.
The Company intends to use a portion of the proceeds from the
offering to finance the redemption of all of its outstanding 6.375%
senior notes due 2026. Concurrent with the offering, the Company
also intends to redeem all of its outstanding 6.000% senior notes
due 2026 using a combination of proceeds from the offering and cash
on hand. The Company also plans to use a combination of proceeds
from the offering and borrowings under its revolving credit
facility to pay the redemption premiums, accrued and unpaid
interest, fees (including the initial purchasers' fees), expenses
and commissions related to this offering and the redemptions.
Nothing in this press release should be construed as an offer to
purchase, notice of redemption or a solicitation of an offer to
purchase any of the outstanding 6.375% Notes and/or any of the
6.000% Notes, and the closing of this offering is not conditioned
on the issuance of a redemption notice relating to, or the
consummation of such redemptions of, the 6.375% Notes and/or the
6.000% Notes. However, the redemptions of the 6.375% Notes and the
6.000% Notes are expected to be conditioned on the consummation of
this offering.
The notes are being offered and sold to persons reasonably
believed to be qualified institutional buyers in the United States in compliance with Rule 144A
under the Securities Act of 1933, as amended (the "Securities Act")
and to non-U.S. persons outside the
United States in compliance with Regulation S under the
Securities Act. The notes being offered have not been
registered under the Securities Act, or applicable state securities
laws or blue sky laws, and may not be offered or sold in
the United States absent
registration under the Securities Act and applicable state
securities laws or available exemptions from such registration
requirements. This announcement shall not constitute an offer
to sell or the solicitation of an offer to buy the notes.
Forward-Looking Statements
This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Such
statements include, without limitation, statements regarding our
expectations, hopes or intentions regarding the future. These
forward looking statements can often be identified by their use of
words such as "will", "might", "predict", "continue", "forecast",
"expect", "believe", "anticipate", "outlook", "could", "would",
"target", "project", "intend", "plan", "seek", "estimate",
"pursue", "should", "may" and "assume", or the negative thereof, as
well as variations of such words and similar expressions referring
to the future, and may include (without limitation) statements
regarding the terms and conditions and timing of the notes
offering. Forward-looking statements involve certain risks
and uncertainties, and actual results may differ materially from
those discussed in any such statement. Factors that could
cause actual results to differ include (without limitation) the
possibility that the notes offering will not be consummated at the
expected time, on the expected terms, or at all; and the Company's
financial performance. Additional factors are discussed under
the heading "Risk Factors" in the Company's Annual Report on Form
10-K for the fiscal year ended December 31,
2020, in the Company's Quarterly Report on Form 10-Q for the
three months ended March 31, 2021 and
in the Company's other current and periodic reports filed from time
to time with the Securities and Exchange Commission. All
forward-looking statements in this document are made based on
information available to the Company as of the date hereof, and the
Company assumes no obligation to update any forward-looking
statement.
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SOURCE Boyd Gaming Corporation