Boyd Gaming firms discount on $1 billion term loan B at 99.875

By Sara Rosenberg

New York, Aug. 16 – Boyd Gaming Corp. finalized the original issue discount on its $1 billion seven-year covenant-light term loan B at 99.875, the tight end of revised talk of 99.75 to 99.875 and tight of initial talk of 99.5, according to a market source.

Pricing on the loan is Libor plus 300 basis points with no Libor floor.

Earlier this week, the term loan B was upsized from $700 million, pricing was reduced from Libor plus 325 bps and the Libor floor was trimmed from 0.75%.

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.

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 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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