Daily News: December 28, 2017

JPMorgan Chase Agents $700MM Revolver for Churchill Downs


Churchill Downs closed a $700 million senior secured revolving credit facility due 2022 and a $400 million senior secured term loan B due 2024. The term loan B was priced at LIBOR plus 200 basis points, while the interest rate on the revolver will be LIBOR-based plus a spread, determined by CDI’s total net leverage ratio.

The new revolver replaces CDI’s existing $500 million senior secured revolving credit facility due 2021.

According to a related 8-K filing, JPMorgan Chase acted as both administration and collateral agent for the revolving credit facility, with PNC Bank and U.S. Bank as co-syndication agents. Fifth Third Bank and Wells Fargo Securities acted as co-documentation agents, with KeyBank as senior managing agent. JPMorgan Chase, Fifth Third Bank, PNC Capital Markets, U.S. Bank and Wells Fargo Securities served as lead arrangers and bookrunners.

Churchill Downs is a racing, gaming and online entertainment company anchored by the Kentucky Derby.