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Churchill Downs Incorporated announces pricing and closing of tack-on Notes offering

15 Dec 2015

(PRESS RELEASE) -- Churchill Downs Incorporated (CDI) announced that it has priced and closed on the previously announced tack-on offering of an additional $300 million in aggregate principal amount of its 5.375% senior notes due 2021 (the "Additional Notes") in a private placement.

The Additional Notes were issued at an offering price of 101% of their face amount (plus accrued and unpaid interest from Dec. 15, 2015), which is a yield of 5.095% to the first par redemption date.

CDI intends to use the net proceeds from the sale of the Additional Notes to repay outstanding borrowings and accrued and unpaid interest outstanding under its senior secured credit facility and for general corporate purposes, which may include paying the anticipated earn out obligation in March 2016 related to our Big Fish Games acquisition and to pay related fees and expenses. Furthermore, the offering allows CDI to secure long-term fixed rate financing, which positions CDI for continued strategic investment in the future.

The Additional Notes and related guarantees have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This press release is issued pursuant to Rule 135c of the Securities Act, is for informational purposes only and shall not constitute an offer to sell nor the solicitation of an offer to buy the Additional Notes or any other securities. The offering of the Additional Notes was not made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful. The offering has not been approved by any gaming regulatory authority having jurisdiction over any of CDI's casino operations.
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