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Churchill Downs announces $400M of eight-year notes for debt refi

Churchill Downs (Nasdaq: CHDN) is in the market with a $400 million offering of eight-year (non-call three) notes, sources said. An investor call for the J.P. Morgan–led deal is scheduled for today at 11 a.m. EDT.

Proceeds will be used to repay existing debt. Existing unsecured debt ratings are B+/Ba3. Additional bookrunners for the 144A-for-life offering are PNC, U.S. Bank, Fifth Third, and Wells Fargo.

Churchill Downs last accessed the bond markets in December 2017, placing $500 million of 4.75% notes due 2028. Trade data show the notes closed the session yesterday at 95.75, to yield 5.36%.

The issuer’s long-term debt also includes a $400 million B term loan due 2024 (L+200, 0% LIBOR floor).

The company in February reported fourth-quarter and full-year results, citing a 22% increase in net revenue for fourth-quarter 2018, at $219 million. Full-year revenue was roughly $1 billion, up 14% over the prior year.

Louisville, Ky.–based Churchill Downs operates as a racing, gaming, and online entertainment company in the U.S.