Financing ·
Churchill Downs extends credit facility maturity to 2031, issues $500M Term Loan B due 2033
CHDNChurchill Downs Inc
Churchill Downs Incorporated closed an amendment to its senior secured credit agreement extending the maturity dates of its revolving credit facility and Term Loan A from 2029 to September 25, 2031. The company also issued a new $500 million aggregate principal amount of senior secured Term Loan B due in 2033 at an interest rate of SOFR plus 175 basis points. Net proceeds will be used to repay outstanding Term Loan B-1 loans and revolving borrowings, fund transaction fees, and support working capital. Additionally, the company issued a conditional redemption notice for its 5.50% Senior Notes due 2027 on October 19, 2026. Churchill Downs Incorporated operates in the gaming and entertainment industry, managing racetracks including the Kentucky Derby and regional casino properties.