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Boyd Gaming investors deliver needed consents for 7¾% notes due 2012
By Susanna Moon
Chicago, Nov. 10 - Boyd Gaming Corp. said holders tendered $92 million principal amount, or 58%, of its $158,832,000 7¾% senior subordinated notes due 2012 by 5 p.m. ET on Nov. 9, the consent date.
As a result, the company received the consents needed to amend the notes to eliminate substantially all of the restrictive covenants.
Based on the consents received, the company has entered into a supplemental indenture, which became operative on Nov. 10, when the company accepted for purchase notes tendered by the consent date.
The tender offer will expire at 5 p.m. ET on Nov. 24. It began on Oct. 27.
Holders had to tender their notes and deliver consents by the consent date in order to receive the total consideration of $1,003.75 for each $1,000 principal amount of notes. The total consideration includes a consent payment of $30.00 per $1,000 of notes.
Holders who tender their notes after the consent date will receive only the tender offer consideration of $973.75, which is equal to the total consideration less the consent payment.
The company will also pay accrued interest from the most recent interest payment date up to but excluding the applicable payment date.
Holders who tender their notes are deemed to have delivered their consents.
Notes tendered and consents delivered prior to the consent date may be withdrawn and revoked, respectively.
The tender offer and consent solicitation are subject to certain conditions, including the receipt of proceeds of at least $500 million from a new debt financing.
JPMorgan (800 245-8812 or 212 270-1200) and Bank of America Merrill Lynch (888 292-0070 or 980 388-9217) are the dealer managers and solicitation agents. MacKenzie Partners, Inc. (800 322-2885 or 212 929-5500) is the information agent. Wells Fargo Bank, NA (213 614-2588) is the depositary.
Boyd Gaming is a Las Vegas-based owner and operator of gaming entertainment properties.
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