Churchill Downs prices $500 million term loan and outlines refinancing

Churchill Downs ($CHDN) priced a $500 million senior secured term loan maturing in 2033. The borrowing carries interest at SOFR plus 1.75 percentage points and is issued at 99.875% of face value. Proceeds are intended to refinance existing term-loan and revolving-credit borrowings and cover related costs.

The company also outlined a planned redemption of its 5.50% notes due in 2027, with revolving-credit funding expected to support that step. Closing remains subject to customary conditions, including relevant gaming-regulatory requirements. The announcement is not itself the formal redemption notice. These changes reorganize funding and maturity obligations; they do not represent revenue from racing or gaming operations, and the full refinancing should not be assumed complete before the closing conditions are met.

Sources:

• Churchill Downs — term-loan pricing and planned redemption, company release reprint