LAS VEGAS, Oct. 26 /PRNewswire-FirstCall/ -- Boyd Gaming Corporation (NYSE: BYD) today announced that it is offering $500 million aggregate principal amount of 8-year senior notes in a private placement transaction, subject to market, regulatory 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 intends to use a portion of the net proceeds from the offering to finance a tender offer and related consent solicitation announced today for any and all of its outstanding 7.75% senior subordinated notes due 2012. The Company intends to apply the balance of the net proceeds from the offering to repay a portion of the outstanding revolving balance on its bank credit facility and to potentially refinance other existing indebtedness. The Company could also use a portion of the net proceeds from the offering for general corporate purposes.
The consummation of the tender offer for the 7.75% senior subordinated notes due 2012 is subject to the consummation of the offering of the senior notes, among the satisfaction of other conditions.
The senior notes being offered have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act"), 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 the registration requirements. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy the senior notes.
In no event will the information contained in this release regarding the tender offer and consent solicitation for the 7.75% senior subordinated notes due 2012 constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, the 7.75% senior subordinated notes due 2012.
Except for historical information contained herein, the matters set forth in this release are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the Company's safe harbor compliance statement for forward-looking statements included in the Company's recent filings, including Forms 10-K, 10-Q and 8-K, with the Securities and Exchange Commission. In particular, there can be no assurances that the offering of the senior notes or the related tender offer and the consent solicitation will be consummated.
SOURCE Boyd Gaming Corporation