CDI to offer $600m of senior notes due 2031

April 11, 2023
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The notes will be registered for resale but cannot be traded a year after issuance.

Churchill Downs Incorporated (CDI) will issue $600m in aggregate principal amount of senior notes due 2031 as part of a private offering. The company offer is subject to both customary and market conditions.

CDI plans to use the net proceeds for three purposes, which include paying outstanding debt under its Term Loan B facility, funding “related transaction fees and expenses” and using the funds for “working capital and other general corporate purposes.”

Though the notes were not registered under the Securities Act of 1933, CDI noted that they can be resold under specific conditions.

CDI said in an official statement: “The company will agree to register the notes for resale to the extent they are not freely tradable under the Securities Act a year after their issuance.

“The Notes will not be listed on any securities exchange or automated quotation system.”

CDI is a racing, online wagering and gaming entertainment company that hosts the annual Kentucky Derby. It currently operates historical racing machines in Kentucky and was recently issued customary approving licenses by Virginia Racing Commission, the New York State Gaming Commission and the Iowa Racing and Gaming Commission.

The company recently completed its sale of a 326-acre property in Arlington Heights, Illinois to the Chicago Bears. Per the previously announced agreement from September 2021, the final purchase total came to $197.2m.

CDI said it will “apply the proceeds of the sale to the purchase of, and improvements to, real property previously acquired in connection with the Peninsula Pacific Gaming acquisition that closed in 2022.”


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