Churchill Downs amends loan, reducing size, lowering pricing

By Sara Rosenberg

New York, May 2 - Churchill Downs Inc. amended its credit facility on Wednesday, reducing the size to $120 million from $200 million and lowering the interest rate, according to an 8-K filed with the Securities and Exchange Commission.

Pricing on the facility can now range from Libor plus 50 to 150 basis points, based on leverage.

In addition, the amendment adds a negative covenant that imposes a $100 million cap on the amount of any investment that the company may make to construct a gaming and/or slot machine facility in Florida.

JPMorgan is the agent on the deal.

Churchill Downs is a Louisville, Ky.-based racing company.

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