Bally's Corp (BALY): M&A transaction — Bally's completes merger with Standard General and Queen; issues $500M notes

Bally's Corp

Cash consideration of $18.25/share paid to holders of 22.8M shares; 17.9M shares rolled over.
30.5M shares issued to Queen shareholders; total outstanding shares now 48.4M.
Standard General and affiliates now own 73.8% of Bally's common stock.
Issued $500M first-lien senior secured notes due 2028 at 11.00% to fund cash consideration; Apollo provided financing.
Bally's now operates 19 casinos across 11 states; Belle of Baton Rouge and Casino Queen Marquette land-side conversions expected in 2025.

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Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Bally's Corp incurred senior notes of $500.0 million with Alter Domus (US) LLC, as note agent and collateral agent, and the purchasers party thereto at 11.00% maturing October 2, 2028.

Instrument: senior notes
Principal: $500.0 million
Counterparty: Alter Domus (US) LLC, as note agent and collateral agent, and the purchasers party thereto
Rate: 11.00%
Maturity: October 2, 2028
Event: incurrence

Exact text from the filing

Bally’s, as issuer, and certain of its subsidiaries, as guarntors, entered into a note purchase agreement with Alter Domus (US) LLC, as note agent and collateral agent, and the purchasers party thereto, pursuant to which Bally’s issued $500.0 million of new first lien senior secured notes.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Bally's Corp underwent a change of control involving Standard General L.P. and its affiliated entities (closed 2025-02-07).

Action: change of control
Counterparty: Standard General L.P. and its affiliated entities
Closing: 2025-02-07

Exact text from the filing

On February 7, 2025, Bally’s Corporation (“Bally’s” or the “Company”) completed the previously announced transactions under the Agreement and Plan of Merger

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Bally's Corp filing history →

Source: SEC EDGAR

accession 0001213900-25-013607

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