Boyd Gaming seeks to raise $500 million
Boyd Gaming Corp. wants to raise $500 million to pay off or refinance some of its existing debt.
The Las Vegas-based casino operator said in a filing with the Securities and Exchange Commission late Tuesday that it was offering $500 million of eight-year senior notes in a private placement transaction, subject to market, regulatory and other conditions.
The company is guaranteeing the bonds with some its subsidiaries.
Boyd Gaming becomes the latest casino company to seek financing through the public markets, following recent moves by MGM Resorts International and Harrah's Entertainment.
"Depending on where the notes are priced, we believe this will slightly increase interest expense for the upcoming quarters," Macquarie Securities gaming analyst Chad Beynon told investors.
KDP Investment Advisors gaming analyst Barbara Cappaert said, "The offering is consistent with our thoughts that Boyd would look to refinance its bank debt."
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871.
