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Churchill Downs announces privately negotiated share repurchase

20 Nov 2015

(PRESS RELEASE) -- Churchill Downs Incorporated (CDI) announced that it has repurchased 944,756 shares of its common stock from The Duchossois Group, Inc. (TDG) in a privately negotiated transaction.

The aggregate purchase price was $138.1 million, which represents a share price of $146.13 based on the average of the 20-day trailing closing price for the shares through Nov. 18, 2015.

CDI's Board of Directors authorized the transaction under its existing $150 million share repurchase plan that was announced on Oct. 28, 2015. After this transaction is completed, CDI will have $11.9 million remaining under its existing share repurchase plan. CDI repurchased the shares using available cash and borrowings under its senior secured credit facility.

"The Duchossois family is strongly committed to Churchill Downs and we are excited to remain its largest shareholder with over 2 million shares after this transaction is completed,” said Craig Duchossois, CEO of TDG. "This transaction is simply a result of our family's ongoing estate planning and desire for increased diversification, particularly in light of the value to which our shareholdings in Churchill Downs has grown over time."

"We appreciate the opportunity to facilitate this transaction with the Duchossois family," said CDI CEO Bill Carstanjen. "In addition to this being accretive to CDI's earnings per share, our company's free cash flow generation and strong balance sheet make this an opportune time for us to complete this transaction under our existing share repurchase plan. The Duchossois family has been a long-time, passionate shareholder in Churchill Downs and we look forward to continuing our relationship."
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