Churchill Downs Incorporated announced the closing of an amendment to its Fourth Amended and Restated Credit Agreement (the “Credit Agreement”).  The credit agreement consists of a $500 million Senior Secured Revolving Credit Facility with a $225 million accordion feature and a $188.75 million Senior Secured Term Loan A Facility (collectively, the “Facilities”).  An SEC 8-K filing names JPMorgan Chase as adminstrative agent on the facility.

The five-year amendment extends the maturity for the Facilities to February 17, 2021 and makes the maturities coterminous.  Previously, the maturities for the Revolving Credit Facility and Term Loan A Facility were May 17, 2018 and December 1, 2019, respectively.  With the maturity extension of the Term Loan A Facility, the amortization schedule was modified, providing for quarterly principal payments throughout the term with a 50% bullet payment due at maturity.

The interest rates applicable to borrowings are LIBOR-based plus a spread, determined by the Company’s total leverage ratio.  The amendment lowers the upper limit of the applied spread from 3.0% to 2.5%.  It also offers a reduced pricing schedule for outstanding borrowings and commitment fees across all leverage pricing levels.  The amendment does not alter the Company’s borrowing capacity.  The amendment was approved by the Company’s Board of Directors in October 2015 and is effective concurrently with the closing.

Churchill Downs Incorporated, headquartered in Louisville, Ky., is an industry-leading racing, gaming and online entertainment company anchored by our iconic flagship event – The Kentucky Derby.