Churchill Downs to raise $500m through notes offering and term loan
| By Nosa Omoigui
Racing and gaming operator Churchill Downs Incorporated (CDI) aims to raise more than $500m through a combination of a term loan and an offering of senior notes.
The loan will raise $300m, while the notes offering will have an aggregate principal value of $200m.
The notes have been priced at 103.25% of the principal amount, or $206.5m. The loan’s interest rate is set at two percentage points above the London Interbank Offered Rate (LIBOR), a global interest rate standard.