Churchill Downs amends loan, lifting size and lowering pricing

By Sara Rosenberg

New York, Nov. 1 - Churchill Downs Inc. amended its credit facility on Monday, increasing the size to $375 million from $275 million by exercising the accordion feature, according to an 8-K filed with the Securities and Exchange Commission.

In addition, the amendment reduced pricing by 37.5 basis points and commitment fees by 5 bps across all leverage pricing levels.

Pricing on the facility can now range from Libor plus 162.5 bps to 312.5 bps, and the commitment fee can now range from 25 bps to 45 bps, based on leverage.

Churchill Downs is a Louisville, Ky.-based owner and operator of Thoroughbred racing facilities.

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