EFTA Document EFTA01385362

3 January 2018 HY Corporate Credit HY Multi Sector.Media, Cable & Satellite Higher Yield for Higher Leverage Boyd Gaming We continue to expect Boyd will be able to generate significant free cash flow which will allow the company to reach its target leverage goal (between 4.0x and 5.0x) in 2018. At this juncture, we are maintaining our Buy rating on Boyd 6.375% Senior Unsecured Notes 2026 ($108.4, 4.5% YEW, 234bps STW). For 2017, we are projecting Boyd Gaming will generate Adjusted EBITD