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.Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool owns shares of JPMorgan Chase. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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