Churchill Downs gets $200 million amended, restated credit facility

By Sara Rosenberg

New York, Sept. 29 - Churchill Downs Inc. closed on a $200 million amended and restated credit facility due Sept. 23, 2010, according to an 8-K filed with the Securities and Exchange Commission Thursday.

JPMorgan was the lead bank on the deal.

Borrowings carry an interest rate than can range from Libor plus 75 to 150 basis points, based on leverage.

The facility contains a $50 million accordion feature.

In connection with getting the new facility, which closed on Sept. 23, the company repaid $100 million of seven-year senior notes that carried an interest rate of Libor plus 155 to 280 bps based on financial requirements.

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

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