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September 04, 2015 6:25 PM ET

Hotels, Restaurants and Leisure

Company Overview of Marina District Finance Company, Inc.

Company Overview

Marina District Finance Company, Inc. owns and operates Borgata Hotel Casino and Spa. The company was incorporated in 2000 and is based in Atlantic City, New Jersey. Marina District Finance Company, Inc. operates as a subsidiary of Marina District Development Company LLC.

One Borgata Way

Atlantic City, NJ 08401

United States

Founded in 2000

Phone:

609-317-1000

Key Executives for Marina District Finance Company, Inc.

Chief Executive Officer, President and Director
Age: 54
Chief Financial Officer, Principal Accounting Officer, Vice President and Treasurer
Age: 53
Chief Operating Officer and Executive Vice President
Age: 62
Compensation as of Fiscal Year 2015.

Marina District Finance Company, Inc. Key Developments

Marina District Finance Company, Inc. Enters into Lender Joinder Agreement and Refinancing Amendment

On July 16, 2015, Marina District Finance Company, Inc. entered into a Lender Joinder Agreement and Refinancing Amendment among the company, Marina District Development Company, LLC, Wells Fargo Bank, National Association, as Administrative Agent, and the lenders party thereto. The Joinder Agreement increases the Term Commitments under the Amended and Restated Credit Agreement dated as of July 24, 2013 among the company, MDDC, various lenders and Wells Fargo Bank, National Association, as administrative agent, letter of credit issuer and swing line lender, by an aggregate amount of $650,000,000. Drawings of the Incremental Term Loan can be funded in multiple drawings. The proceeds from the initial draw on the Incremental Term Loan will be used to repay the company's outstanding 9.875% Senior Secured Notes due 2018. The interest rate per annum applicable to the Incremental Term Loan will be (a) the Effective Eurodollar Rate (defined below) plus the Term Loan Applicable Rate (defined below) if and to the extent the Incremental Term Loan is a Eurodollar Rate Loan under the Credit Agreement and (b) the Base Rate plus the Term Loan Applicable Rate if and to the extent the Incremental Term Loan is a Base Rate Loan under the Credit Agreement. The Incremental Term Lender has the benefit of the covenants currently set in the Credit Agreement. The Joinder Agreement adds a covenant that limits the capital expenditures of MDDC, the company, and their subsidiaries to $40,000,000 in any fiscal year (and up to $10,000,000 of any such amount not utilized in any fiscal year may be carried over for expenditure in the following fiscal year (but not any fiscal years thereafter)). The Joinder Agreement also adds a covenant that limits payment of dividends or distributions with respect to equity interests issued by MDDC (or any of its subsidiaries including the company) (including by repurchase, redemption, sinking fund or other retirement) or payment or prepayment of subordinated debt (including by redemption, purchase or defeasance) to the amount of Excess Cash Flow not required to be used to prepay the Term Loans under the Credit Agreement and then only if the Total Leverage Ratio is greater than levels set in the Joinder Agreement. The company is required to make repayments on the Incremental Term Loan on or before the last business day of each fiscal quarter of the company commencing with the fiscal quarter ending December 31, 2015 in an amount equal to 0.25% of the original principal amount of the Incremental Term Loan. The company is required to repay the remaining outstanding principal amount of the Incremental Term Loan on July 16, 2023.

Marina District Finance Company, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Full Year of 2014; Records Impairments on Assets for the First Quarter of 2014

Marina District Finance Company, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net revenues of $708,349,000 compared with $735,584,000 for the same period a year ago. Operating income was $68,516,000 compared with $81,420,000 for the same period a year ago. Loss from continuing operations before income taxes was $6,377,000 compared with $13,088,000 for the same period a year ago. Loss from continuing operations, net of tax was $11,225,000 or $0.06 per diluted share compared with $10,664,000 or $0.07 per diluted share for the same period a year ago. Net loss attributable to Boyd Gaming Corporation was $6,182,000 or $0.06 per diluted share compared with $7,284,000 or $0.08 per diluted share for the same period a year ago. Adjusted EBITDA was $144,468,000 compared with $163,477,000 for the same period a year ago. Adjusted loss was $4,102,000 or $0.04 per share compared with adjusted earnings of $1,411,000 or $0.02 per share for the same period a year ago. Adjusted EBITDA was negatively impacted by an estimated $10 million to $12 million during the quarter due to unusually severe winter weather at the Company's operations outside of Nevada. Additionally, Borgata's online gaming operations recorded a $3.2 million operating loss related to its launch. For the quarter, the company recorded impairments of assets of $1,633,000. For the full-year 2014, the company currently projects total adjusted EBITDA of $600 million to $620 million.

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