Churchill Downs Incorporated closed an amended and extended credit facility and issued a new $500 million term loan B, reshaping its debt maturities and refinancing plan.
The company extended the maturity of its existing revolving credit facility and term loan A from 2029 to 2031 under an amended senior secured credit agreement. Borrowings under that facility will carry a SOFR-based rate tied to the company’s total net leverage ratio.
CDI also completed a new $500 million senior secured term loan B due 2033. The loan was priced at SOFR plus 175 basis points and was issued at 99.875% of principal, implying a slight original issue discount.
The company said it plans to use the proceeds to repay outstanding term loan B debt, repay revolving borrowings, cover fees and expenses tied to the transaction, and support working capital and other general corporate purposes.
Separately, on Sept. 18, CDI issued a conditional redemption notice for its 5.50% senior notes due 2027, with redemption scheduled for Oct. 19, 2026. The company said it expects to fund that redemption with its revolving credit facility. The market has reacted to these announcements by moving the company's shares 0.45% to a price of $79.77. Check out the company's full 8-K submission here.
