Boyd Gaming borrows $670 million under loans amid uncertainty

By Sarah Lizee

Olympia, Wash., March 18 – Boyd Gaming Corp. borrowed $660 million under its revolving credit facility and $10 million under a swingline loan on Monday as a precautionary measure in order to increase its cash position and preserve financial flexibility in light of current uncertainty in the global markets, the company said in an 8-K filing with the Securities and Exchange Commission.

Proceeds from the borrowings may be used for working capital, general corporate or other purposes permitted by the revolver.

As of March 13, the remaining contractual availability under the credit facility was $673 million, with outstanding principal amounts of $205 million under the revolver, $54.9 million borrowed on the swingline loan and $12.6 million allocated to support various letters of credit.

Interest on the revolver is Libor plus 175 basis points to 275 bps, based on leverage. There is a 25 bps to 50 bps commitment fee that is also based on leverage.

Boyd is a Pleasanton, Calif.-based provider of highly engineered thermal management and environmental sealing solutions.

© 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.