Boyd Gaming announces $500 million offer

11 June 2018

(PRESS RELEASE) -- Boyd Gaming Corporation today announced that it is offering $500 million aggregate principal amount of eight-year senior notes in a private placement transaction, subject to market and certain other conditions. The senior notes will be fully and unconditionally guaranteed by certain of the company's current and future domestic restricted subsidiaries.

Subject to the satisfaction of certain conditions, the company expects approximately $492 million in net proceeds from the sale of the notes. The company intends to use the net proceeds in the future for working capital and general corporate purposes, which may include, without limitation, reducing or refinancing indebtedness, expansion efforts, including acquisitions of assets or businesses, and general capital expenditures. Upon the closing of this offering, the company will use the net proceeds to pay down the outstanding amounts under its senior secured revolving credit facility and will retain the balance of the net proceeds as additional cash on hand or invest the balance of the net proceeds in cash equivalents and short-term marketable securities.

The senior notes being offered have not been, and will not be, registered under the Securities Act of 1933, as amended, or applicable state securities laws or blue sky laws, and may not be offered or sold in the United States absent registration under the Securities Act and applicable state securities laws or available exemptions from such registration requirements. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy the senior notes.

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