boyd gaming corp (BYD) Key Developments
Boyd Gaming Corporation Announces Completion of Exchange Offer for 9% Senior Notes Due 2020
May 31 13
Boyd Gaming Corporation announced that it has completed its offer to exchange all of its outstanding $350 million aggregate principal amount of 9% Senior Notes due 2020 for new 9% Senior Notes due 2020 that have been registered under the Securities Act of 1933, as amended. The exchange offer expired at 5 p.m. New York City time on May 24, 2013. As of the expiration date, 99.99% of the 9% Senior Notes due 2020 were validly tendered and accepted for exchange. The exchange offer was made pursuant to a registration rights agreement entered into by Boyd Gaming Corporation when it originally issued the securities in June 2012.
Boyd Gaming Corp. Presents at Macquarie Greater China Conference, May-08-2013
May 5 13
Boyd Gaming Corp. Presents at Macquarie Greater China Conference, May-08-2013 . Venue: JW Marriott, Pacific Place, 88 Queensway, Hong Kong, Hong Kong. Speakers: John Li, Board Secretary, Sam Wang, Investor Relations.
Boyd Gaming Corporation Announces Redemption of Outstanding 6.75% Senior Subordinated Notes Due 2014
May 1 13
Boyd Gaming Corporation announced that it has notified the trustee for its 6.75% Senior Subordinated Notes due 2014 that on May 30, 2013, it will redeem, in full, all outstanding 6.75% Senior Subordinated Notes due 2014 at a redemption price of 100.000% plus accrued and unpaid interest to the redemption date, May 30, 2013. From and after May 30, 2013, interest on the 6.75% Senior Subordinated Notes shall cease to accrue. A notice of redemption containing information required by the terms of the indenture governing the 6.75% Senior Subordinated Notes due 2014 will be mailed to note holders.
Boyd Gaming Corp. Commences Exchange Offer for 9% Senior Notes Due 2020
Apr 24 13
Boyd Gaming Corp. announced that it has commenced an exchange offer for eligible holders to exchange any and all of the company's outstanding 9% Senior Notes due 2020 that were originally issued on June 8, 2012 in a transaction exempt from registration under the Securities Act of 1933, as amended (the ‘Securities Act’), in an aggregate principal amount of $350 million. Eligible holders of the unregistered notes may exchange them for an equal principal amount of the company's 9% Senior Notes due 2020 which have been registered under the Securities Act (the ‘registered notes’). The terms of the registered notes are substantially identical to the unregistered notes, except for transfer restrictions and registration rights relating to the unregistered notes. The exchange offer will expire at 5:00 p.m., New York City time, on May 24, 2013, unless extended or terminated in accordance with its terms. Exchanges of the unregistered notes for registered notes must be made in accordance with the terms of the exchange offer before the exchange offer expires and may be withdrawn at any time before the exchange offer expires. The completion of the exchange offer, and participation in the exchange offer by eligible holders, are each subject to the terms and conditions set forth in the prospectus and transmittal materials for the exchange offer.
Boyd Gaming Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2013; Provides Earnings Guidance for the Second Quarter of Fiscal Year 2013
Apr 24 13
Boyd Gaming Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net revenues of USD 736.983 million compared to USD 633.083 million a year ago. Operating income was USD 80.457 million compared to USD 76.582 million a year ago. Loss before income taxes was USD 14.051 million compared to income before income taxes of USD 12.758 million a year ago. Net loss was USD 11.627 million compared to net income of USD 6.475 million a year ago. Net loss attributable to the company was USD 7.284 million compared to net income attributable to the company of USD 5.852 million a year ago. Basic and diluted loss per share was USD 0.08 compared to basic and diluted income per share of USD 0.07 a year ago. Adjusted EBITDA was USD 163.477 million compared to USD 133.802 million a year ago. Adjusted earnings were USD 0.448 million compared to USD 8.416 million a year ago. Capital expenditures in the quarter were approximately USD 22 million, including USD 6 million at Peninsula and USD 3 million at Borgata.
For the second quarter of fiscal year 2013, the company expects EBITDA, after the deduction for corporate expense, to be in the range of USD 132 million to USD 137 million. Assuming a tax rate of 35% and with this range of EBITDA guidance, adjusted EPS for the second quarter is expected to range from a loss of USD 0.02 per share to income of USD 0.03 per share. Borgata to generate EBITDA of USD 27 million to USD 29 million in the second quarter.