Boyd Gaming Corporation (NYSE: BYD) has filed with the SEC to raise up to $750 million in cash via securities sales. The company can sell any combination of common stock, preferred Stock, Debt Securities, Warrants, and Units once this is approved.
Boyd did not name any formal underwriters in the filing. The use ofproceeds was also the traditional "for general corporate purposes."
Boyd has endured a very tough year and in a very tough economy that isexpected to only get tougher. Shares are up marginally today by morethan 1%. But at $4.09, they are still down well over 80% from their highs. Its market cap is only about $360million.
Jon C. Ogg
December 12, 2008