Churchill Downs Incorporated Announces Closing of Amended and Extended Credit Facility and New Term Loan B
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Rhea-AI Summary
Churchill Downs (CHDN) closed an amended credit facility and a new $500 million senior secured term loan B.
The amendment extends the maturities of its revolving credit and term loan A facilities from 2029 to 2031. Borrowings under the amended agreement bear SOFR-based interest plus a spread determined by the company's total net leverage ratio. The new term loan B is due in 2033, bears interest at SOFR plus 175 basis points and was issued at 99.875% of principal. Churchill Downs intends to use its net proceeds to repay existing term loan B and revolving loans, cover related fees and expenses, and fund general corporate purposes. A conditional notice calls for redemption of its 5.50% senior notes due 2027 on October 19, 2026, with funding intended from the revolver.
Positive
- Revolver and term loan A maturities extended from 2029 to 2031.
- $500 million term loan B closed, providing funding that Churchill Downs intends to use partly to repay existing loans.
- 5.50% senior notes due 2027 are targeted for redemption on October 19, 2026.
Negative
- $500 million term loan B adds secured debt due 2033 at SOFR plus 175 basis points.
- 99.875% issue price puts the new term loan B below its principal amount.
- Amended facility interest is SOFR-based, with a spread determined by the company's total net leverage ratio.
- Related transaction fees and expenses are among the intended uses of the loan proceeds.
- 2027 note redemption remains subject to a conditional notice and is intended to be funded from the revolver.
Details
News Market Reaction – CHDN
On Sep 28, the day this news came out, CHDN closed 5.08% below the previous close. Argus tracked a trough of -2.1% from its starting point during tracking. Our momentum scanner recorded 33 alerts for this stock that day.
Data tracked by StockTitan Argus for the Sep 28 session.
Key Figures
- Term Loan B principal
- $500 million
- Senior secured Term Loan B due 2033
- Term Loan B interest rate
- SOFR plus 175 basis points
- 2033 Term Loan B
- Issue price
- 99.875% of principal amount
- 2033 Term Loan B
- Facility maturity extension
- 2029 to 2031
- Existing revolving credit facility and Term Loan A facility
- Senior Notes coupon
- 5.50%
- Senior Notes due 2027, subject to a conditional redemption notice
- Redemption date
- October 19, 2026
- Conditional redemption of the 2027 Notes
Historical Context
-
Priced the same $500 million 2033 Term Loan B at SOFR plus 175 basis points.
-
Announced a proposed $500 million Term Loan B due 2033, subject to conditions.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
sofr financial
term loan b financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Amended and Extended Credit Agreement for Revolver and Term Loan A Facility and Issued a New
LOUISVILLE, Ky., Sept. 28, 2026 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN, “CDI,” “the Company”) announced today that CDI successfully closed its amended and extended Credit Facility and new Term Loan B (“2033 TLB”).
CDI closed an amendment to its senior secured credit agreement (the “Credit Agreement Amendment”) to extend the maturity date of its existing revolving credit facility and term loan A facility from 2029 to 2031 and to make certain other changes to its existing credit agreement. The interest rate applicable to borrowings on the Credit Agreement Amendment will be SOFR-based plus a spread, determined by CDI's total net leverage ratio.
CDI also closed its previously announced
CDI intends to use the net proceeds from 2033 TLB (i) to repay outstanding Term Loan B loans, (ii) to repay outstanding revolving loans, (iii) to fund related transaction fees and expenses, and (iv) for working capital and other general corporate purposes.
On September 18, 2026, CDI issued a conditional redemption notice to redeem the
About Churchill Downs Incorporated
Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) has created extraordinary entertainment experiences for over 150 years, beginning with the Company’s most iconic and enduring asset, Churchill Downs Racetrack, the home of the Kentucky Derby and premier races of the Thoroughbred Championship Series. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of the online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties. https://www.churchilldownsincorporated.com/
This news release contains various "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "seek," "should," "will," "scheduled," and similar words or similar expressions (or negative versions of such words or expressions), although some forward-looking statements are expressed differently.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; changes in, or new interpretations of, applicable tax laws or rulings that could result in additional tax liabilities; the impact of any pandemics, epidemics, or outbreaks of infectious diseases, and related economic matters on our results of operations, financial conditions, and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; negative shifts in public opinion regarding gambling that could result in increased regulation of, or new restrictions on, the gaming industry; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation that competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; cybersecurity risk, including cybersecurity breaches, loss or misuse of our confidential information as a result of a breach including customers’ personal information, or IT system operational disruptions, could lead to government enforcement actions or other litigation; costs of compliance with increasingly complex laws and regulations regarding data privacy and protection of personal information; reliance on our technology services and catastrophic events, system failures, errors or defects disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates, disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; whether the objective of a strategic alternative review process will be achieved; the terms, structure, benefits and costs of any strategic transaction; the timing of any strategic transaction and whether any strategic transaction will be consummated on the terms proposed or at all; the risk that the announcement or exploration of strategic alternatives could have an adverse effect on our ability to retain key personnel and maintain relationships with partners, suppliers, employees, shareholders and other business relationships; the risk of any unexpected costs or expenses resulting from the exploration of strategic alternatives; the risk of any litigation relating to the exploration of strategic alternatives or any strategic transaction; and other factors described under the heading "Risk Factors" in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.
We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Contact: Sam Ullrich
(502) 638-3906
Sam.Ullrich@kyderby.com
This press release was published by a CLEAR® Verified individual.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What are the terms of Churchill Downs' new term loan B?
Churchill Downs closed a $500 million senior secured term loan B due 2033. It bears interest at SOFR plus 175 basis points and was issued at 99.875% of its principal amount.
When does Churchill Downs plan to redeem its 2027 senior notes?
Churchill Downs issued a conditional notice to redeem its 5.50% senior notes due 2027 on October 19, 2026. The company intends to fund the redemption amount from its revolving credit facility.