Churchill Downs Incorporated Announces Closing of Amended and Extended Credit Facility and New Term Loan B
Churchill Downs closed an amended credit facility extending its revolver and term loan A maturities from 2029 to 2031, plus a new $500 million Term Loan B due 2033 at SOFR plus 175 basis points, issued at 99.875% of par. Proceeds will repay existing term loan and revolver borrowings, fund fees, and support working capital; the company also issued a redemption notice for its 5.50% senior notes due 2027, to be redeemed October 19, 2026, using the revolver.
Key figures
- Deal Value Usd
- $500 million
- Tlb spread
- SOFR plus 175 basis points
- Tlb maturity
- 2033
- Redemption date
- October 19, 2026
- Tlb issue price
- 99.875% of principal
- Senior notes coupon
- 5.50% due 2027
- Revolver tla maturity extension
- 2029 to 2031
AI analysis
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