Churchill Downs Inc Amends Credit Agreement; Adds 2033 Term Loan

What Happened Churchill Downs Incorporated (CDI) announced on Sept. 28, 2026 that it closed the Eighth Amendment to its senior secured credit agreement and closed a new senior secured Term Loan B due Sept. 25, 2033. The Eighth Amendment (dated Sept. 25, 2026) extends the maturity of CDI’s revolving credit facility and Term Loan A to Sept. 25, 2031 and refinances the existing Term Loan B-1 with the new 2033 Term Loan B.

Key Details

• Amendment closed Sept. 28, 2026; Eighth Amendment dated Sept. 25, 2026.
• Revolver and Term Loan A maturities extended to Sept. 25, 2031.
• New 2033 Term Loan B matures Sept. 25, 2033 and bears interest at SOFR + 175 basis points.
• Revolver and Term Loan A interest tied to SOFR + an applicable margin based on CDI’s leverage ratio.
• Net proceeds from the 2033 Term Loan B will repay Term Loan B-1, repay revolving loans, pay transaction fees/expenses, and be used for working capital and general corporate purposes.
• The Revolver, Term Loan A and 2033 Term Loan B are guaranteed by certain subsidiaries and secured by substantially all assets of CDI and those guarantors.
• CDI furnished a press release about the closing (Exhibit 99.1) with the 8-K.

Why It Matters This transaction extends the company’s near-term debt maturities (to 2031) and pushes a portion of funded debt into 2033, which can provide more runway for operations and liquidity planning. The new Term Loan B and amended facilities change CDI’s debt schedule and interest exposure (SOFR-based pricing), and the proceeds are earmarked to refinance existing debt and support working capital. Investors should note the secured and guaranteed nature of these obligations and the potential impact on CDI’s leverage and interest costs going forward.