LOUISVILLE, Ky., April 11, 2023 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (“CDI” or the “Company”) CHDN announced today that it has successfully priced an offering of $600 million in aggregate principal amount of its 6.750% Senior Notes due 2031 (the “Notes”).

The offering of the Notes is expected to close on April 25, 2023, subject to customary closing conditions.

CDI intends to use the net proceeds from the Offering (i) to repay outstanding debt under its Term Loan B Facility, (ii) to fund related transaction fees and costs, and (iii) for working capital and other general corporate purposes.

The offering and sale of the Notes has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities statute, and may not be offered or sold within the United States to or for the benefit of US -Persons (as defined in Regulation S), except for transactions that are exempt from or not subject to the registration requirements of the Securities Act. Accordingly, the Notes will only be sold to persons who are reasonably believed to be qualified institutional buyers under Rule 144A of the Securities Act and will be offered and sold outside of the United States to non-US persons pursuant to Regulation S of the Securities Act.

The Company will agree to register the Notes for resale one year after issuance, provided they are not freely negotiable under the Securities Act. The Notes will not be listed on any stock exchange or automated listing system.

This press release is being issued pursuant to Rule 135c of the Securities Act for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, the Notes or any other security. The Notes are not being offered to any person in any jurisdiction in where the offer, solicitation or sale is unlawful. The offer has not been approved by any gambling regulatory body responsible for any of the…