Churchill Downs Raises $500 Million in New Financing
News related to:Churchill Downs Incorporated · 2 min read
LOUISVILLE, Ky., Sept. 17, 2026 /CourierPR/ -- Churchill Downs Incorporated has successfully priced a $500 million senior secured Term Loan B due 2033, marking a significant financial move for the company. The 2033 TLB was priced at SOFR plus 175 basis points and issued at 99.875% of the principal amount. This financing will be used to repay outstanding Term Loan B loans, as well as to settle other financial obligations, including related transaction fees and expenses. The funds will also support working capital and general corporate purposes.
The company, which has been creating extraordinary entertainment experiences for over 150 years, began with its most iconic asset, Churchill Downs Racetrack, the home of the Kentucky Derby and premier races of the Thoroughbred Championship Series. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of the online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties.
In a related move, CDI intends to issue a conditional redemption notice to redeem the 5.50% Senior Notes due 2027 (the “2027 Notes”) 30 days after the notice is issued. CDI plans to fund the redemption amount from its revolving credit facility.
The press release also includes a disclaimer about forward-looking statements, noting that the company believes the expectations reflected in such statements are reasonable. However, it cautions that important factors could cause actual results to differ materially from expectations. These factors include economic conditions, consumer confidence, regulatory changes, and other risks detailed in the company’s most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
This financing move is part of CDI’s ongoing efforts to strengthen its financial position and support its expansion plans. The company’s commitment to creating world-class entertainment experiences and its strategic use of capital highlight its dedication to growth and stability. The redemption of the 2027 Notes further demonstrates the company’s financial discipline and its ability to manage its debt structure effectively.
The press release underscores the company’s focus on financial stability and its commitment to providing high-quality entertainment experiences. By leveraging this new financing, CDI aims to enhance its operations and continue to deliver value to its stakeholders. The company’s long-standing history and its continued expansion into new areas of the entertainment industry position it well for future success.
In summary, the successful pricing of the $500 million senior secured Term Loan B due 2033 and the planned redemption of the 5.50% Senior Notes due 2027 are significant steps in CDI’s strategic financial planning. These actions reflect the company’s commitment to maintaining a strong financial foundation and supporting its growth initiatives.