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Last $17.12 USD
Change Today +0.07 / 0.41%
Volume 29.6K
BYD On Other Exchanges
Symbol
Exchange
Berlin
As of 9:43 AM 08/4/15 All times are local (Market data is delayed by at least 15 minutes).

boyd gaming corp (BYD) Key Developments

Boyd Gaming Announces Expansion of Delta Downs Racetrack Casino Hotel in Vinton

Boyd Gaming Corporation has announced a $45 million expansion of Delta Downs Racetrack Casino Hotel in Vinton, Louisiana. Set for completion at the end of 2016, the centerpiece of the project is a new hotel tower, featuring 167 additional guest rooms and suites. Boyd Gaming also plans to redesign all 200 existing rooms at the property, providing a fresh new look and feel to the hotel. The property will also redesign its food and beverage facilities, as well as expand its special events center to better accommodate meeting and banquet functions.

Boyd Gaming Corporation Announces Expansion of Delta Downs Racetrack Casino Hotel

Boyd Gaming Corporation announced a $45 million expansion of Delta Downs Racetrack Casino Hotel in Vinton, Louisiana. Set for completion at the end of 2016, the centerpiece of the project is a new hotel tower, featuring 167 additional guest rooms and suites. Boyd Gaming also plans to redesign all 200 existing rooms at the property, providing a fresh new look and feel to the hotel. The property will also redesign its food and beverage facilities, as well as expand its special events center to better accommodate meeting and banquet functions. Design work is now being completed, with construction slated to commence this September.

Boyd Gaming Announces Expiration and Final Results of Tender Offer for its 9.125% Senior Notes Due 2018

Boyd Gaming Corporation announced the expiration and final results of the company's previously announced tender offer and consent solicitation for any and all of its outstanding 9.125% Senior Notes due 2018. As of 5:00 p.m., New York City time, on June 5, 2015, the expiration date for the tender offer, approximately $463.6 million aggregate principal amount of the Notes (representing 92.7% of the Notes outstanding immediately before the commencement of the tender offer), were validly tendered (and not validly withdrawn). All of the Notes that were validly tendered (and not validly withdrawn) were accepted for purchase by the company. As previously announced, the company will redeem, in full, all Notes that were not tendered and accepted for purchase pursuant to the terms of the tender offer, the aggregate principal amount of which is approximately $36.4 million. The redemption price will be $1,045.63 per $1,000.00 principal amount of Notes plus accrued and unpaid interest to the redemption date. A notice of redemption containing information required by the terms of the indenture governing the Notes was mailed to noteholders by the trustee for the Notes on May 7, 2015.

Boyd Gaming Releases Initial Results of Tender Offer and Consent Solicitation for its 9.125% Senior Notes Due 2018

Boyd Gaming Corp. reported that pursuant to the terms of its previously announced tender offer and consent solicitation for any and all of its outstanding 9.125% Senior Notes due 2018, holders of approximately $458.7 million aggregate principal amount of the outstanding Notes (approximately 91.7% of the outstanding Notes), have validly tendered their Notes and are deemed to have validly delivered the requisite consents for the proposed amendments to the indenture governing the Notes prior to the expiration of the consent date which was 5 p.m., New York City time, on May 21. The consents received exceeded the number needed to approve the proposed amendments. The terms of the tender offer and consent solicitation are detailed in the company's offer to purchase and consent solicitation statement, dated as of May 7. Based on the consents received, the company, the guarantors party to the indenture governing the Notes and the trustee under the indenture governing the Notes have entered into a supplemental indenture that, among other modifications, eliminates substantially all of the restrictive covenants in the indenture. The supplemental indenture became operative on May 21, the date that the company accepted for purchase Notes that were validly tendered, and not validly withdrawn, prior to 5 p.m. New York City time on the consent date. The Notes that have been accepted for purchase by the company may no longer be withdrawn and the related consents may no longer be revoked.

Boyd Gaming Corp. Plans Redemption of $500 Million Senior Notes Due 2018 on June 8, 2015

On May 7, 2015, Boyd Gaming Corp. announced that it will conditionally call for redemption all of its $500 million outstanding principal amount of 9.125% senior notes due 2018 on June 8, 2015. The company intends to redeem the notes at a redemption price equal to 104.563% of the principal amount on the redemption date, plus accrued and unpaid interest, as well as additional interest, if any, to the redemption price. The redemption is conditioned upon U.S. Bank NA, the trustee for the notes, receiving sufficient funds to finance the repayment of all notes outstanding on the redemption date. At the same time, the company said it commenced a cash tender offer to purchase any and all of the outstanding notes, and disclosed a concurrent consent solicitation for proposed amendments to the indenture governing the notes. The proposed amendments to the indenture would, among other modifications, eliminate certain of the restrictive covenants in the indenture. Holders of at least a majority in aggregate principal amount of the notes outstanding not owned by the company or any of its affiliates must consent to the amendments for the amendments to become operative. Holders that tender their notes before 5 p.m. ET on May 21 will be deemed to have consented to the proposed amendments and will be entitled to receive the total consideration for the notes under the offer. The total consideration amounts to $1,048.13 for each $1,000 principal amount of validly tendered, and not validly withdrawn, notes that are accepted for payment, comprising the tender offer consideration of $1,045.63 plus a consent payment of $2.50 for each $1,000 principal amount of notes. The purchase offer will expire at 5 p.m. ET on June 5 unless extended or earlier terminated. Holders who tender their notes after 5 p.m. ET on May 21 but before the expiration date will receive the tender offer considerations of $1,045.63 for each $1,000 principal amount of validly tendered, and not validly withdrawn, notes that are accepted for payment. Boyd Gaming engaged J.P. Morgan as the purchase offer and consent solicitation's dealer manager and solicitation agent.

 

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Price/Cash Flow 9.2x
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