Churchill Downs Incorporated Announces Extension and Reduction in Funding Costs for its $700 million Revolving Credit Facility

LOUISVILLE, Ky., March 16, 2020 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (CHDN: Nasdaq) (CDI or the Company) announced today the closing of an amendment to its Credit Agreement to extend the maturity and to lower the upper limit of the applied spreads for loans under its $700 million Senior Secured Revolving Credit Facility (“Revolving Credit Facility”).

The amendment extends the maturity for the Revolving Credit Facility from December 27, 2022 to September 27, 2024.  The amendment also lowers the upper limit of the applied spreads for loans under the Revolving Credit Facility from 2.25% to 1.75% and for commitment fees from 0.35% to 0.30%.  The amendment also offers a reduced pricing schedule for outstanding borrowings and commitment fees under the Revolving Credit Facility across all other leverage pricing levels. The interest rates applicable to borrowings under the Facilities are LIBOR-based plus a spread, determined by the Company’s consolidated total net leverage ratio.

The amendment does not alter the Company’s borrowing capacity.

ABOUT CHURCHILL DOWNS INCORPORATED  
Churchill Downs Incorporated (the “Company,” “we,” “us,” or “our”) is an industry-leading racing, online wagering and gaming entertainment company anchored by our iconic flagship event - The Kentucky Derby. We own and operate Derby City Gaming, a historical racing machine (“HRM”) facility in Louisville, Kentucky. We also own and operate the largest online horse racing wagering platform in the U.S., TwinSpires.com, and we operate sports betting and iGaming through our BetAmerica platform in multiple states. We are also a leader in brick-and-mortar casino gaming with approximately 11,000 slot machines and video lottery terminals and 200 table games in eight states. Additional information about CDI can be found online at www.churchilldownsincorporated.com.

Information set forth in this news release contains various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), which provides certain “safe harbor” provisions. All forward-looking statements made in this news release are made pursuant to the Act. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words, although some forward-looking statements are expressed differently.