BOYD GAMING CORP 8-K

What Happened

• Boyd Gaming Corporation filed an 8‑K on January 21, 2026 announcing an Amended and Restated Credit Agreement that refinances its prior credit facility. The new agreement provides a $1,450.0 million senior secured revolving credit facility and a $1,200.0 million senior secured Term A delayed draw loan facility. Bank of America, N.A. is administrative agent and collateral agent, and Wells Fargo Bank, N.A. is swingline lender.

Key Details

• Closing date: January 21, 2026; maturity: the fifth anniversary of the Closing Date (generally Jan 21, 2031, subject to earlier events).
• Term A availability: up to four borrowings through July 1, 2027; on Feb 1, 2026 the remaining Term A borrowings will be reduced by the greater of Term A Loans already made and $400.0 million.
• Pricing: borrower choice of SOFR‑based or base rate pricing plus a margin (SOFR margin 1.25%–2.25%; base rate margin 0.25%–1.25%); unused commitment fee 0.20%–0.35%; SOFR may be forward‑looking term SOFR or daily SOFR.
• Other provisions: 5% annual amortization of Term A original principal (starting the first full fiscal quarter after full funding or July 1, 2027) and an accordion feature that can increase commitments (subject to EBITDA, leverage and other conditions). The agreement includes customary financial covenants (interest coverage, leverage limits), limits on additional debt/liens, restrictions on dividends and investments, and excess cash‑flow prepayment requirements beginning with the fiscal year ending Dec 31, 2026 if certain leverage thresholds are exceeded.

Why It Matters

• This refinancing secures $2.65 billion of committed liquidity and replaces Boyd’s prior credit facility, providing near‑term funding for working capital and general corporate purposes and covering refinancing costs. The new covenants, pricing grid and excess‑cash‑flow prepayment rules can affect the company’s ability to pay dividends, take on additional debt, or make acquisitions if leverage rises. Investors should note the maturity profile, amortization of Term A loans, and the leverage‑based pricing and accordion limits when assessing Boyd’s liquidity and financing flexibility.