Churchill Downs Incorporated (CDI) amended its senior secured credit agreement to increase the loans under the existing Term Loan A credit facility due 2027 by $500 million. This amendment increases the existing Term Loan A credit facility due 2027 from $800 million to $1.3 billion and makes certain other changes to its existing credit agreement. The interest rate applicable to borrowings on the increased term loan A will be SOFR-based plus a spread, determined by CDI’s total net leverage ratio.
According to an 8K filed with the SEC, JPMorgan Chase is the administrative agent for the term loan A credit facility.
CDI intends to use the net proceeds from the borrowings under the Increased Term Loan A to repay outstanding loans under its existing senior secured revolving credit facility, pay related transaction fees and expenses and for general corporate purposes.