Boyd Gaming launches $700 million term loan B at Libor plus 325 bps

By Sara Rosenberg

New York, Aug. 8 – Boyd Gaming Corp. held a lender call at 1 p.m. ET on Monday to launch a $700 million seven-year covenant-light term loan B (Ba3/BB/BB+) that is talked at Libor plus 325 basis points with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.

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

Commitments are due on Aug. 16, the source said.

Proceeds from the term loan B will be used with cash proceeds from the Borgata sale to refinance existing Peninsula debt and for general corporate purposes.

The Peninsula entity, which is currently an unrestricted subsidiary, will be consolidated into the Boyd capital structure.

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

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