Churchill Downs Incorporated (CDI) has amended its senior secured credit agreement, extending the maturity dates for its revolving credit facility and term loan A facility from 2029 to 2031. The company also closed on a new $500 million senior secured term loan B facility due in 2033.
The amendment, known as the Eighth Amendment to Credit Agreement, was executed on September 25, 2026, and finalized on September 28, 2026. It extends the maturity of the Revolver and Term Loan A until September 25, 2031. Additionally, the company refinanced its existing term loan B-1 facility with the new 2033 Term Loan B, which matures on September 25, 2033.
The 2033 Term Loan B has an aggregate principal amount of $500 million and was issued at 99.875% of the principal amount. The interest rate for this new loan is set at SOFR plus 175 basis points. The company intends to use the net proceeds from the 2033 Term Loan B to repay outstanding term loan B loans, repay outstanding revolving loans, fund transaction fees and expenses, and for working capital and other general corporate purposes.
Under the terms of the agreement, the loans on the Revolver and Term Loan A bear interest at SOFR plus an applicable margin based on CDI’s leverage ratio. JPMorgan Chase Bank, N.A., serves as the administrative agent for the agreement. CDI also announced that it issued a conditional redemption notice on September 18, 2026, to redeem its 5.50% Senior Notes due 2027 on October 19, 2026, with funds expected to come from its revolving credit facility.
