Churchill Downs closed on an amendment to its credit agreement to extend the maturity and to lower the upper limit of the applied spreads for loans under its $700 million senior secured revolving credit facility. According to a related 8K filed with the SEC, JPMorgan Chase Bank served as administrative agent for the amended facility.
The amendment extends the maturity for the revolving credit facility from December 27, 2022 to at least September 27, 2024. The amendment also lowers the upper limit of the applied spreads for loans under the revolving credit facility from 2.25% to 1.75% and for commitment fees from 0.35% to 0.30%. The amendment also offers a reduced pricing schedule for outstanding borrowings and commitment fees under the revolving credit facility across all other leverage pricing levels. The interest rates applicable to borrowings under the facilities are LIBOR-based plus a spread, determined by the company’s consolidated total net leverage ratio. The amendment does not alter the company’s borrowing capacity.
