Churchill Downs Incorporated Announces Pricing of $500 Million Senior Secured Term Loan B Due 2033
Churchill Downs prices a $500 million 2033 term loan to refinance debt and plans a conditional redemption of its 2027 senior notes.
Rhea-AI Summary
Churchill Downs (CHDN) has priced a $500 million senior secured Term Loan B due 2033 at SOFR plus 175 basis points, issued at 99.875% of principal.
The company plans to use net proceeds to repay existing Term Loan B loans, repay outstanding revolving loans, cover transaction fees and expenses, and for working capital and other general corporate purposes. Churchill Downs also plans to issue a conditional redemption notice for its 5.50% Senior Notes due 2027, with the redemption amount to be funded from its revolving credit facility. The new 2033 Term Loan B remains subject to customary gaming regulatory conditions, and this announcement does not constitute a notice of redemption for the 2027 notes.
Positive
- $500 million senior secured Term Loan B due 2033 priced and allocated
- New 2033 Term Loan B priced at SOFR + 175 bps and 99.875% of principal
- Net proceeds earmarked to repay existing Term Loan B and revolving loans
Negative
- New senior secured Term Loan B adds $500 million of secured debt
- Redemption of 5.50% 2027 notes to be funded from revolving credit facility
- 2033 Term Loan B effectiveness subject to customary gaming regulatory conditions
Key Figures
- Term Loan B principal
- $500 million
- 2033 senior secured Term Loan B
- Interest spread
- SOFR plus 175 basis points
- 2033 Term Loan B pricing
- Issue price
- 99.875% of principal amount
- 2033 Term Loan B
- Senior Notes coupon
- 5.50%
- 2027 Senior Notes targeted for conditional redemption
- Senior Notes maturity
- 2027
- Notes targeted for conditional redemption
Historical Context
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Proposed $500 million 2033 term loan planned to refinance debt and fund corporate purposes.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
senior secured term loan b financial
sofr financial
basis points financial
revolving credit facility financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
LOUISVILLE, Ky., Sept. 17, 2026 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN, “CDI,” “the Company”) announced today that it successfully priced 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.
CDI intends to issue a conditional redemption notice to redeem the
The 2033 TLB is subject to customary gaming regulatory conditions. This press release is not a notice of redemption for the 2027 Notes.
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
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How does Churchill Downs intend to use the proceeds from the 2033 Term Loan B?
Churchill Downs intends to use the net proceeds from the 2033 Term Loan B to repay outstanding Term Loan B loans, repay outstanding revolving loans, fund related transaction fees and expenses, and for working capital and other general corporate purposes.
What are Churchill Downs' plans for its 5.50% Senior Notes due 2027?
The company intends to issue a conditional redemption notice to redeem the 5.50% Senior Notes due 2027, 30 days after that notice is issued, and expects to fund the redemption amount from its revolving credit facility. This press release itself is not a notice of redemption for those notes.
Are there any conditions attached to the new 2033 Term Loan B?
The 2033 Term Loan B is subject to customary gaming regulatory conditions, which must be satisfied for the transaction to proceed as intended.