Item 1.01 - Entry into Material Definitive Agreement: Boyd Gaming Corporation entered into an Amended and Restated Credit Agreement on January 21, 2026, with Bank of America, N.A. as administrative agent, Wells Fargo Bank as swingline lender, and other financial institutions as lenders. This agreement amends and restates a prior Credit Agreement dated in March (date cut off in document). Item…

Our analysis rates this filing CAUTIOUS. Boyd Gaming's refinancing presents an ELEVATED concern profile (6.8/10) driven by material increases in leverage obligations and restrictive financial covenants in a cyclical industry. The new $2.65B credit facility replaces prior obligations with more…

Concern level: HIGH (6.8/10). Key factors: One new high-severity risk identified: Increased Leverage and Debt Service Obligations (severity 7/10) with $2.65B credit facility creating material refinancing and interest rate risk; Overall risk trend is INCREASING with risk score of 6.8/10, indicating deteriorating risk profile; Mandatory 5% annual amortization on $1.2B term loan beginning after full…

Notable risk changes: Material refinancing completed: $2.65B amended and restated credit facility replaces prior $2.2B facility (estimated), increasing total debt capacity and obligations. New facility includes mandatory 5% annual amortization on $1.2B term loan and excess cash flow prepayment triggers—material constraints on cash deployment; Floating rate debt exposure increased: Entire facility is SOFR-based with…

The model predicts BYD will underperform the S&P 500 by about 0.0% over 30 days (model confidence 50%). This is model analysis for research, not investment advice.