Boyd Gaming to Float New Stock Issue

Boyd Gaming is attempting to stack its deck with a fresh common stock offering. The company announced it will float 15 million shares in an underwritten public issue. Additionally, its underwriters will be granted a 30-day purchase option for up to an additional 2.25 million shares.

Boyd Gaming said it plans to use the proceeds of the issue to repay a portion of an outstanding senior subordinated debt issue and for "general corporate purposes."

JPMorgan Chase unit J.P. Morgan and the Securities arm of Deutsche Bank are the joint book-running managers of the issue.

At the moment, Boyd Gaming has 87.75 million shares outstanding, and its stock most recently closed at $13.31 per share.

The article Boyd Gaming to Float New Stock Issue originally appeared on Fool.com.

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