Churchill Downs closes $500 million Term Loan B due 2033 at SOFR+175 bps
CHDN•Churchill Downs closed a $500 million senior secured Term Loan B due 2033, priced at SOFR plus 175 basis points. Its amended credit facility extends revolving credit and Term Loan A maturities to 2031 from 2029.
1. New loan terms
The Term Loan B was issued at 99.875% of principal, with proceeds earmarked for debt repayment and general corporate purposes. Borrowing costs under the amended credit agreement shift to SOFR-based pricing, with spreads tied to total net leverage.
2. Facility changes
The amended credit facility extends the revolving credit facility and Term Loan A maturities to 2031 from 2029. A conditional redemption of 5.50% Senior Notes due 2027 is set for Oct. 19, 2026, funded through the revolving credit facility.
