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Churchill Downs closes $500M notes offering, $400M term loan B

Churchill Downs Inc. closed its offering of $500 million of senior notes due 2028 and a $400 million senior secured term loan B due 2024.

The notes were priced to reflect an annual interest rate of 4.75%, while the term loan B was priced at London Interbank Offered Rate plus 200 basis points.

The company also closed a $700 million senior secured revolving credit facility due 2022 to replace Churchill Downs' $500 million senior secured revolving credit facility due 2021.

The interest rate applicable to borrowings on the revolver will be LIBOR-based plus a spread, determined by the company's total net leverage ratio.