Boyd Gaming cuts term B to $900 million, ups term A to $250 million

By Sara Rosenberg

New York, Aug. 7 - Boyd Gaming Corp. downsized its seven-year covenant-light term loan B to $900 million from $1 billion and upsized its five-year term loan A to $250 million from $150 million, according to a market source.

Also, price talk on the term loan B was reduced to Libor plus 300 basis points to 325 bps from Libor plus 350 bps, the source said.

The B loan still has a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months.

Pricing on the term loan A, as well as on a $600 million five-year revolver, continues to be Libor plus 300 bps.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Securities LLC, Wells Fargo Securities LLC and Nomura are the lead banks on the $1.75 billion credit facility (Ba3/BB-).

Proceeds will be used to refinance existing debt.

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.