Boyd Gaming agrees on amendment and restatement of credit facility

By Sara Rosenberg

New York, Dec. 9 - Boyd Gaming Corp. has reached an agreement on the amendment and restatement of its credit facility that will extend the maturity to 2015, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Also, the commitments under the facility will be reduced to $1.5 billion, excluding the non-extending amounts, from $3 billion.

As part of the amendment, $500 million of the class A revolver will be converted into a term loan.

The term loan will amortize in an annual amount equal to 5%, commencing on March 31, 2011.

Pricing on the extended revolver and term loan will range from Libor plus 250 basis points to 350 bps, based on leverage, while non-extended revolver pricing will continue to range from Libor plus 62.5 bps to 162.5 bps.

There is a $500 million accordion feature.

Bank of America is the administrative agent on the deal.

Boyd Gaming is a Las Vegas-based gaming company.

© 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.