Moody’s posts ratings on casino company bonds

Tuesday, July 24, 2001 | 10:53 a.m.

Moody's Investor Service has assigned a Ba3 rating to Boyd Gaming Corp.'s proposed $200 million senior notes due in 2009.

The New York-based financial rating company also confirmed ratings on five other bond notes, including a $500 million senior secured revolving credit line. Ba1 ratings were confirmed on the revolving line, and on two $100 million senior secured-term loans. A Ba3rating was assigned to $200 million 9.25 percent senior notes due in 2003 and a B1 rating was listed on $250 million 9.5 percent senior subordinated notes due in 2007.

Boyd Gaming, which recently acquired a Louisiana horse racing track and is in an equal partnership with MGM MIRAGE to build the Borgata hotel-casino in Atlantic City, announced that its new credit facilities will pay down bank debt, including about $70 million in term loans.

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