Boyd Gaming sets spread on $350 million loan at Libor plus 475 bps

By Sara Rosenberg

New York, Nov. 2 - Boyd Gaming Corp. upsized its incremental term loan (Ba3/BB-) due December 2015 to $350 million from $300 million and firmed pricing at Libor plus 475 basis points, the low end of the Libor plus 475 bps to 500 bps talk, according to a market source.

Also, the original issue discount was set at 98, the tight end of the 97 to 98 guidance, the source said.

The 1.25% Libor floor and 101 soft call protection for one year were left unchanged.

Bank of America Merrill Lynch, Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Barclays Capital Inc. are the lead banks on the deal.

Proceeds will be used to pay down revolver borrowings.

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

© 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.