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Note 6 - Long-term Debt

9 Months Ended

Sep. 30, 2023

NOTE 6. LONG-TERM DEBT

Long-term debt, net of current maturities and debt issuance costs, consists of the following:

	*September 30, 2023*
	*Interest*							*Unamortized*
	*Rates at*							*Origination*
	*September 30,*			*Outstanding*		*Unamortized*		*Fees and*			*Long-Term*
*(In thousands)*	*2023*			*Principal*		*Discount*		*Costs*			*Debt, Net*
Credit facility		6.901	%	$	1,041,800	$	—	$	(14,485	)	$	1,027,315
4.750% senior notes due 2027		4.750	%		1,000,000		—		(8,279	)		991,721
4.750% senior notes due 2031		4.750	%		900,000		—		(10,449	)		889,551
Other		5.208	%		538		—		—			538
Total long-term debt					2,942,338		—		(33,213	)		2,909,125
Less current maturities					44,275		—		—			44,275
Long-term debt, net				$	2,898,063	$	—	$	(33,213	)	$	2,864,850

	*December 31, 2022*
	*Interest*						*Unamortized*
	*Rates at*						*Origination*
	*December 31,*		*Outstanding*		*Unamortized*		*Fees and*			*Long-Term*
*(In thousands)*	*2022*		*Principal*		*Discount*		*Costs*			*Debt, Net*
Credit facility	6.166	%	$	1,187,800	$	—	$	(17,865	)	$	1,169,935
4.750% senior notes due 2027	4.750	%		1,000,000		—		(9,740	)		990,260
4.750% senior notes due 2031	4.750	%		900,000		—		(11,460	)		888,540
Other	5.208	%		674		—		—			674
Total long-term debt				3,088,474		—		(39,065	)		3,049,409
Less current maturities				44,275		—		—			44,275
Long-term debt, net			$	3,044,199	$	—	$	(39,065	)	$	3,005,134

The outstanding principal amounts under the Credit Facility are comprised of the following:

	*September 30,*		*December 31,*
*(In thousands)*	*2023*		*2022*
Revolving credit facility	$	175,000	$	285,000
Term A loan		814,000		847,000
Swing loan		52,800		55,800
Total outstanding principal amounts	$	1,041,800	$	1,187,800

With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $175.0 million and $52.8 million in borrowings outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $13.4 million allocated to support various letters of credit, there was a remaining contractual availability under the Credit Facility of $1,208.8 million as of September 30, 2023.

Early Extinguishments and Modifications of Debt

During the nine months ended September 30, 2022, the Company incurred $16.5 million in loss on early extinguishments and modifications of debt due to the redemption of $300.0 million of our 8.625% senior notes due 2025 ("8.625% Senior Notes"), which was accounted for as a debt extinguishment. The $16.5 million incurred is comprised of $12.9 million related to premium fees paid and $3.6 million related to the write-off of unamortized deferred finance charges. In addition, during the nine months ended September 30, 2022, the Company incurred $3.3 million in loss on early extinguishments and modifications of debt as a result of entering into a new credit agreement (the "Credit Facility") that replaced the then existing credit agreement. The $3.3 million incurred related to the write-off of unamortized deferred finance charges associated with the portion accounted for as a debt extinguishment.

Covenant Compliance

As of September 30, 2023, we were in compliance with the financial covenants of our debt instruments.

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and 2022

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