Churchill Downs launches $500M term loan to refinance debt

Churchill Downs Incorporated (Nasdaq: CHDN) announced the launch of a proposed $500 million senior secured Term Loan B due 2033, according to a company press release.

The Louisville, Kentucky-based company said it intends to use the proceeds to repay existing Term Loan B loans, partially redeem its 5.50% Senior Notes due 2027, cover related transaction fees and expenses, and fund working capital and general corporate purposes.

The company noted that there is no assurance the loan offering will be completed, as its consummation is subject to market, customary, and gaming regulatory conditions. The company also clarified that the announcement does not constitute a notice of redemption for the 2027 Notes.

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