Churchill downs incorporated announces closing of a $1,200 million senior secured revolver due 2027, $800 million senior secured delayed draw term loan a due 2029, and $1,200 million of senior notes due 2030
Louisville, ky., april 13, 2022 (globe newswire) -- churchill downs incorporated (“cdi” or the “company”) (nasdaq: chdn) today announced that cdi successfully closed an amendment of its senior secured credit agreement (the “credit agreement amendment”) to extend the maturity date of its existing revolving credit facility to 2027 and to increase the commitments under the existing revolving credit facility from $700 million to $1,200 million (the “revolver”). the credit agreement amendment also provides for a senior secured delayed draw term loan a credit facility due 2029 in the amount of $800 million (the “delayed draw term loan a”) and makes certain other changes to its existing credit agreement. the interest rate applicable to borrowings on the revolver and delayed draw term loan a will be sofr-based plus a spread, determined by cdi's total net leverage ratio. cdi also successfully closed the previously announced offering of $1,200 million in aggregate principal amount of its 5.750% senior notes due 2030 (the “notes”).
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