{"success":true,"data":{"pressRelease":{"id":"142565","rtpr_id":"nGNX6TWMVG-20260914","ticker":"CHDN","exchange":"NASDAQ","all_tickers":["CHDN"],"title":"Churchill Downs Incorporated Announces Launch of $500 Million Senior Secured Term Loan B Due 2033","author":"Globe Newswire","published_at":"2026-09-14T12:30:00.530Z","article_body":"LOUISVILLE, Ky., Sept. 14, 2026 (GLOBE NEWSWIRE) -- Churchill Downs\nIncorporated (Nasdaq: CHDN, “CDI,” “the Company”) announced today that\nit is launching a proposed $500 million in aggregate principal amount of\nsenior secured Term Loan B due 2033 (“2033 TLB”). \n\nCDI intends to use the net proceeds from the 2033 TLB (i) to repay outstanding\nTerm Loan B loans, (ii) to partially redeem 5.50% Senior Notes due 2027 (the\n“2027 Notes”), (iii) to fund related transaction fees and expenses, and\n(iv) for working capital and other general corporate purposes.\n\nThere can be no assurances that the Company will be successful in its\nmarketing efforts or that it will be able to obtain the 2033 TLB. The\nconsummation of the 2033 TLB is subject to market and customary conditions.\nThe 2033 TLB is subject to customary gaming regulatory conditions. This press\nrelease is not a notice of redemption for the 2027 Notes.\n\nAbout Churchill Downs Incorporated\n\nChurchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) has created\nextraordinary entertainment experiences for over 150 years, beginning with the\nCompany’s most iconic and enduring asset, Churchill Downs Racetrack, the\nhome of the Kentucky Derby and premier races of the Thoroughbred Championship\nSeries. Headquartered in Louisville, Kentucky, CDI has expanded through the\nacquisition, development, and operation of live and historical racing\nentertainment venues, the growth of the online wagering businesses, and the\nacquisition, development, and operation of regional casino gaming\nproperties. https://www.churchilldownsincorporated.com/\n\nThis news release contains various \"forward-looking statements\" within the\nmeaning of the \"safe harbor\" provisions of the Private Securities Litigation\nReform Act of 1995. Forward-looking statements are typically identified by the\nuse of terms such as \"anticipate,\" \"believe,\" \"could,\" \"estimate,\" \"expect,\"\n\"intend,\" \"may,\" \"might,\" \"plan,\" \"predict,\" \"project,\" \"seek,\" \"should,\"\n\"will,\" \"scheduled,\" and similar words or similar expressions (or negative\nversions of such words or expressions), although some forward-looking\nstatements are expressed differently.\n\nAlthough we believe that the expectations reflected in such forward-looking\nstatements are reasonable, we can give no assurance that such expectations\nwill prove to be correct. Important factors that could cause actual results to\ndiffer materially from expectations include the following: the occurrence of\nextraordinary events, such as terrorist attacks, public health threats, civil\nunrest, and inclement weather, including as a result of climate change; the\neffect of economic conditions on our consumers' confidence and discretionary\nspending or our access to credit, including the impact of inflation; changes\nin, or new interpretations of, applicable tax laws or rulings that could\nresult in additional tax liabilities; the impact of any pandemics, epidemics,\nor outbreaks of infectious diseases, and related economic matters on our\nresults of operations, financial conditions, and prospects; lack of confidence\nin the integrity of our core businesses or any deterioration in our\nreputation; negative shifts in public opinion regarding gambling that could\nresult in increased regulation of, or new restrictions on, the gaming\nindustry; loss of key or highly skilled personnel, as well as general\ndisruptions in the general labor market; the impact of significant\ncompetition, and the expectation that competition levels will increase;\nchanges in consumer preferences, attendance, wagering, and sponsorships; risks\nassociated with equity investments, strategic alliances and other third-party\nagreements; inability to respond to rapid technological changes in a timely\nmanner; concentration and evolution of slot machine and historical racing\nmachine manufacturing and other technology conditions that could impose\nadditional costs; failure to enter into or maintain agreements with industry\nconstituents, including horsemen and other racetracks; cybersecurity risk,\nincluding cybersecurity breaches, loss or misuse of our confidential\ninformation as a result of a breach including customers’ personal\ninformation, or IT system operational disruptions, could lead to government\nenforcement actions or other litigation; costs of compliance with increasingly\ncomplex laws and regulations regarding data privacy and protection of personal\ninformation; reliance on our technology services and catastrophic events,\nsystem failures, errors or defects disrupting our operations; inability to\nidentify, complete, or fully realize the benefits of our proposed\nacquisitions, divestitures, development of new venues or the expansion of\nexisting facilities on time, on budget, or as planned; difficulty in\nintegrating recent or future acquisitions into our operations; cost overruns\nand other uncertainties associated with the development of new venues and the\nexpansion of existing facilities; general risks related to real estate\nownership and significant expenditures, including risks related to\nenvironmental liabilities; personal injury litigation related to injuries\noccurring at our racetracks; compliance with the Foreign Corrupt Practices Act\nor other similar laws and regulations, or applicable anti-money laundering\nregulations; payment-related risks, such as risk associated with fraudulent\ncredit card or debit card use; work stoppages and labor problems; risks\nrelated to pending or future legal proceedings and other actions; highly\nregulated operations and changes in the regulatory environment could adversely\naffect our business; restrictions in our debt facilities limiting our\nflexibility to operate our business; failure to comply with the financial\nratios and other covenants in our debt facilities and other indebtedness;\nincreases to interest rates, disruption in the credit markets or changes to\nour credit ratings may adversely affect our business; increase in our\ninsurance costs, or inability to obtain similar insurance coverage in the\nfuture, and any inability to recover under our insurance policies for damages\nsustained at our properties in the event of inclement weather and casualty\nevents; whether the objective of a strategic alternative review process will\nbe achieved; the terms, structure, benefits and costs of any strategic\ntransaction; the timing of any strategic transaction and whether any strategic\ntransaction will be consummated on the terms proposed or at all; the risk that\nthe announcement or exploration of strategic alternatives could have an\nadverse effect on our ability to retain key personnel and maintain\nrelationships with partners, suppliers, employees, shareholders and other\nbusiness relationships; the risk of any unexpected costs or expenses resulting\nfrom the exploration of strategic alternatives; the risk of any litigation\nrelating to the exploration of strategic alternatives or any strategic\ntransaction; and other factors described under the heading \"Risk Factors\" in\nour most recent Annual Report on Form 10-K and in other filings we make with\nthe Securities and Exchange Commission.\n\nWe do not undertake any obligation to update or revise any forward-looking\nstatements, whether as a result of new information, future events or\notherwise, except as required by law.\n\nInvestor Contact: Sam Ullrich\n(502) 638-3906\nSam.Ullrich@kyderby.com\n\nThis press release was published by a CLEAR® Verified individual.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/667a7329-b6d8-4919-90bb-bc97849a9f64)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX6TWMVG-20260914","title":"Churchill Downs Incorporated Announces Launch of $500 Million Senior Secured Term Loan B Due 2033","author":"Globe Newswire","ticker":"CHDN","created":"2026-09-14T12:30:00.530Z","tickers":["CHDN"],"exchange":"NASDAQ","article_body":"LOUISVILLE, Ky., Sept. 14, 2026 (GLOBE NEWSWIRE) -- Churchill Downs\nIncorporated (Nasdaq: CHDN, “CDI,” “the Company”) announced today that\nit is launching a proposed $500 million in aggregate principal amount of\nsenior secured Term Loan B due 2033 (“2033 TLB”). \n\nCDI intends to use the net proceeds from the 2033 TLB (i) to repay outstanding\nTerm Loan B loans, (ii) to partially redeem 5.50% Senior Notes due 2027 (the\n“2027 Notes”), (iii) to fund related transaction fees and expenses, and\n(iv) for working capital and other general corporate purposes.\n\nThere can be no assurances that the Company will be successful in its\nmarketing efforts or that it will be able to obtain the 2033 TLB. The\nconsummation of the 2033 TLB is subject to market and customary conditions.\nThe 2033 TLB is subject to customary gaming regulatory conditions. This press\nrelease is not a notice of redemption for the 2027 Notes.\n\nAbout Churchill Downs Incorporated\n\nChurchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) has created\nextraordinary entertainment experiences for over 150 years, beginning with the\nCompany’s most iconic and enduring asset, Churchill Downs Racetrack, the\nhome of the Kentucky Derby and premier races of the Thoroughbred Championship\nSeries. Headquartered in Louisville, Kentucky, CDI has expanded through the\nacquisition, development, and operation of live and historical racing\nentertainment venues, the growth of the online wagering businesses, and the\nacquisition, development, and operation of regional casino gaming\nproperties. https://www.churchilldownsincorporated.com/\n\nThis news release contains various \"forward-looking statements\" within the\nmeaning of the \"safe harbor\" provisions of the Private Securities Litigation\nReform Act of 1995. Forward-looking statements are typically identified by the\nuse of terms such as \"anticipate,\" \"believe,\" \"could,\" \"estimate,\" \"expect,\"\n\"intend,\" \"may,\" \"might,\" \"plan,\" \"predict,\" \"project,\" \"seek,\" \"should,\"\n\"will,\" \"scheduled,\" and similar words or similar expressions (or negative\nversions of such words or expressions), although some forward-looking\nstatements are expressed differently.\n\nAlthough we believe that the expectations reflected in such forward-looking\nstatements are reasonable, we can give no assurance that such expectations\nwill prove to be correct. Important factors that could cause actual results to\ndiffer materially from expectations include the following: the occurrence of\nextraordinary events, such as terrorist attacks, public health threats, civil\nunrest, and inclement weather, including as a result of climate change; the\neffect of economic conditions on our consumers' confidence and discretionary\nspending or our access to credit, including the impact of inflation; changes\nin, or new interpretations of, applicable tax laws or rulings that could\nresult in additional tax liabilities; the impact of any pandemics, epidemics,\nor outbreaks of infectious diseases, and related economic matters on our\nresults of operations, financial conditions, and prospects; lack of confidence\nin the integrity of our core businesses or any deterioration in our\nreputation; negative shifts in public opinion regarding gambling that could\nresult in increased regulation of, or new restrictions on, the gaming\nindustry; loss of key or highly skilled personnel, as well as general\ndisruptions in the general labor market; the impact of significant\ncompetition, and the expectation that competition levels will increase;\nchanges in consumer preferences, attendance, wagering, and sponsorships; risks\nassociated with equity investments, strategic alliances and other third-party\nagreements; inability to respond to rapid technological changes in a timely\nmanner; concentration and evolution of slot machine and historical racing\nmachine manufacturing and other technology conditions that could impose\nadditional costs; failure to enter into or maintain agreements with industry\nconstituents, including horsemen and other racetracks; cybersecurity risk,\nincluding cybersecurity breaches, loss or misuse of our confidential\ninformation as a result of a breach including customers’ personal\ninformation, or IT system operational disruptions, could lead to government\nenforcement actions or other litigation; costs of compliance with increasingly\ncomplex laws and regulations regarding data privacy and protection of personal\ninformation; reliance on our technology services and catastrophic events,\nsystem failures, errors or defects disrupting our operations; inability to\nidentify, complete, or fully realize the benefits of our proposed\nacquisitions, divestitures, development of new venues or the expansion of\nexisting facilities on time, on budget, or as planned; difficulty in\nintegrating recent or future acquisitions into our operations; cost overruns\nand other uncertainties associated with the development of new venues and the\nexpansion of existing facilities; general risks related to real estate\nownership and significant expenditures, including risks related to\nenvironmental liabilities; personal injury litigation related to injuries\noccurring at our racetracks; compliance with the Foreign Corrupt Practices Act\nor other similar laws and regulations, or applicable anti-money laundering\nregulations; payment-related risks, such as risk associated with fraudulent\ncredit card or debit card use; work stoppages and labor problems; risks\nrelated to pending or future legal proceedings and other actions; highly\nregulated operations and changes in the regulatory environment could adversely\naffect our business; restrictions in our debt facilities limiting our\nflexibility to operate our business; failure to comply with the financial\nratios and other covenants in our debt facilities and other indebtedness;\nincreases to interest rates, disruption in the credit markets or changes to\nour credit ratings may adversely affect our business; increase in our\ninsurance costs, or inability to obtain similar insurance coverage in the\nfuture, and any inability to recover under our insurance policies for damages\nsustained at our properties in the event of inclement weather and casualty\nevents; whether the objective of a strategic alternative review process will\nbe achieved; the terms, structure, benefits and costs of any strategic\ntransaction; the timing of any strategic transaction and whether any strategic\ntransaction will be consummated on the terms proposed or at all; the risk that\nthe announcement or exploration of strategic alternatives could have an\nadverse effect on our ability to retain key personnel and maintain\nrelationships with partners, suppliers, employees, shareholders and other\nbusiness relationships; the risk of any unexpected costs or expenses resulting\nfrom the exploration of strategic alternatives; the risk of any litigation\nrelating to the exploration of strategic alternatives or any strategic\ntransaction; and other factors described under the heading \"Risk Factors\" in\nour most recent Annual Report on Form 10-K and in other filings we make with\nthe Securities and Exchange Commission.\n\nWe do not undertake any obligation to update or revise any forward-looking\nstatements, whether as a result of new information, future events or\notherwise, except as required by law.\n\nInvestor Contact: Sam Ullrich\n(502) 638-3906\nSam.Ullrich@kyderby.com\n\nThis press release was published by a CLEAR® Verified individual.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/667a7329-b6d8-4919-90bb-bc97849a9f64)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-09-14T12:30:00.56570389Z","server_sent_at_ms":1789389000565},"received_at":"2026-09-14T12:30:00.620Z","source_url":null},"analysis":{"id":"131392","press_release_id":"142565","analysis_json":{"industry":{"label":"Casinos & Gaming","sector":"Consumer Discretionary"},"redFlags":["Financing only launched, not priced or committed; subject to market conditions and gaming regulatory approvals","Partial redemption leaves a remaining stub of 5.50% Senior Notes due 2027 outstanding"],"eventType":"debt_offering","narrative":"Churchill Downs launched a proposed $500 million senior secured Term Loan B due 2033 as part of a liability-management exercise extending its debt maturity profile.\n\nNet proceeds are earmarked to repay the outstanding Term Loan B, partially redeem the 5.50% Senior Notes due 2027, fund transaction fees, and support working capital and general corporate purposes.\n\nThe deal is a launch, not a pricing: it remains subject to market conditions and customary gaming regulatory approvals, with no assurance the financing will be completed.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Routine refinancing for CHDN -- watch final TLB pricing versus the 5.50% coupon on the 2027 notes being partially redeemed."},"keyFigures":{"dealValueUsd":500000000,"customDimensions":{"debt_type":"senior secured Term Loan B","maturity_year":2033,"notes_to_redeem":"5.50% Senior Notes due 2027","redemption_type":"partial"}},"namedEntities":{"people":[{"name":"Sam Ullrich","role":"Investor Contact"}],"products":["Churchill Downs Racetrack","Kentucky Derby"],"companies":[{"name":"Churchill Downs Incorporated","ticker":"CHDN","relationship":"issuer"}],"dollarAmounts":[{"amount":"$500 million","context":"proposed aggregate principal amount of 2033 Term Loan B"}]},"materialImpact":{"score":2,"reasoning":"Routine liability management: a proposed $500M Term Loan B that refinances the existing TLB and partially redeems 5.50% Senior Notes due 2027, extending the maturity profile without adding net leverage. No pricing terms disclosed and completion is not assured."},"tickerRelevance":{"others":[],"primary":"CHDN"},"globalImportance":24,"audienceRelevance":30,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"mid/large-cap","eventGravity":"routine-debt-refinancing","sectorWeight":"gaming and wagering","issuerAuthored":true,"householdBrandBoost":"Kentucky Derby brand adds modest retail recognition"}},"event_type":"debt_offering","event_type_secondary":null,"sentiment":"neutral","material_impact_score":2,"narrative":"Churchill Downs launched a proposed $500 million senior secured Term Loan B due 2033 as part of a liability-management exercise extending its debt maturity profile.\n\nNet proceeds are earmarked to repay the outstanding Term Loan B, partially redeem the 5.50% Senior Notes due 2027, fund transaction fees, and support working capital and general corporate purposes.\n\nThe deal is a launch, not a pricing: it remains subject to market conditions and customary gaming regulatory approvals, with no assurance the financing will be completed.","key_figures":{"dealValueUsd":500000000,"customDimensions":{"debt_type":"senior secured Term Loan B","maturity_year":2033,"notes_to_redeem":"5.50% Senior Notes due 2027","redemption_type":"partial"}},"named_entities":{"people":[{"name":"Sam Ullrich","role":"Investor Contact"}],"products":["Churchill Downs Racetrack","Kentucky Derby"],"companies":[{"name":"Churchill Downs Incorporated","ticker":"CHDN","relationship":"issuer"}],"dollarAmounts":[{"amount":"$500 million","context":"proposed aggregate principal amount of 2033 Term Loan B"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-14T12:30:59.964Z","global_importance":24,"audience_relevance":30,"importance_components":{"tickerTier":"mid/large-cap","eventGravity":"routine-debt-refinancing","sectorWeight":"gaming and wagering","issuerAuthored":true,"householdBrandBoost":"Kentucky Derby brand adds modest retail recognition"}},"durationMs":27454,"modelName":"glm-5.3-flash"}}