Churchill Downs Incorporated Announces Closing of $ 300 Million Secured B Term Loan Due 2028 and $ 200 Million Senior Bonds Due 2028

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LOUISVILLE, Ky., March 17, 2021 (GLOBE NEWSWIRE) – Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) today announced that it has successfully closed its previously announced $ 200 million offering in aggregate principal amount of its 4.75% Senior Notes due 2028 (the “Additional Notes”) and $ 300 million in aggregate principal amount of a Senior Secured B Term Loan due 2028 (the “ term loan B ”). The additional notes have been valued at 103.25% of the principal and the term loan B has an interest rate of LIBOR plus 200 basis points.

The offer and sale of the Additional Notes has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities law and may not be. offered or sold in the United States to, or for the benefit of, persons in the United States (as defined in Regulation S) except in transactions exempted or not subject to the registration requirements of the Securities Act. Accordingly, the Additional Notes were sold only to persons reasonably considered to be Qualified Institutional Purchasers under Rule 144A of the Securities Act and offered and sold outside the United States to non-US persons in accordance with Securities Regulation S. Act.

The Company will agree to register the additional Notes for resale as long as they are not freely tradable under the Securities Act one year after their issuance. The Additional Notes are not listed on any stock exchange or automated rating system.

This press release is issued in accordance with Rule 135c of the Securities Act, is for informational purposes only, and does not constitute an offer to sell or the solicitation of an offer to purchase the Additional Notes or any other security.

About Churchill Downs Incorporated

Churchill Downs Incorporated is a leading racing, online betting and gaming entertainment company anchored by our iconic flagship event, the Kentucky Derby. We own and operate three betting-mutual gaming entertainment venues with approximately 3,050 historic racing machines in Kentucky. We also own and operate TwinSpires, one of the largest and most profitable online betting platforms for horse racing, sports and iGaming in the United States and we have seven retail sports betting. We are also a leader in physical casino games in eight states with approximately 11,000 slot machines and video lottery terminals and 200 table games. Additional information about CDI is available online at www.churchilldownsincorporated.com.

Certain statements made in this press release contain various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by the use of terms such as “anticipate” , “Believe”, “could”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, “foresee”, “plan”, “seek” “,” Should, “” will “and similar words or phrases (or negative versions of such words or phrases).

Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot guarantee that these expectations will prove to be correct. Important factors, among others, that may affect actual results or results are: the impact of the novel coronavirus (COVID-19) pandemic and related economic issues on our results of operations, financial conditions and our outlook; the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit; additional or increased taxes and fees; public perceptions or lack of confidence in the integrity of our business or any deterioration in our reputation; loss of key or highly qualified personnel; restrictions in our credit facilities limiting our flexibility to operate our business; general risks associated with real estate ownership, including fluctuations in market values ​​and environmental regulations; catastrophic events and system failures disrupting our operations; online security risk, including cybersecurity breaches; failure to recover under our insurance policies for damage sustained to our properties in the event of inclement weather and accidents; increased insurance costs and the inability to obtain similar insurance coverage in the future; failure to identify and complete acquisition, expansion or divestiture projects, on time, on budget or as planned; difficulty in integrating recent or future acquisitions into our operations; the costs and uncertainties associated with the development of new sites and the expansion of existing facilities; risks associated with equity investments, strategic alliances and other agreements with third parties; the inability to respond to rapid technological changes in a timely manner; inadvertent infringement of the intellectual property of others; failure to protect our own intellectual property rights; payment risks, such as the risk associated with the fraudulent use of credit and debit cards; compliance with the law on corrupt practices abroad or applicable money laundering regulations; risks associated with ongoing or future legal proceedings and other actions; the inability to negotiate agreements with representatives of the industry, including riders and other racetracks; work stoppages and manpower problems; changes in consumer preferences, attendance, betting and sponsorship with respect to the Churchill Downs Racetrack and the Kentucky Derby; litigation for bodily injury related to injuries occurring on our racetracks; weather and other conditions affecting our ability to run live races; the occurrence of extraordinary events, such as terrorist attacks and threats to public health; changes in the regulatory environment for our racing operations; increased competition in the horse racing industry; difficulty in attracting a sufficient number of horses and trainers for full horse races; our inability to use and provide aggregation services; changes in the regulatory environment for our online horse betting business; A reduction in the number of people betting on live horse races; increased competition in our online horse betting business; the uncertainty and changes in the legal landscape regarding our online horse betting business; the continued legalization of online sports betting and iGaming in the United States and our ability to anticipate and benefit from such legalization; the inability to expand our sports betting operations and compete effectively; failure to manage the risks associated with sports betting; failure to comply with laws requiring us to block access to certain people could result in penalties or impairments with respect to our mobile and online betting products; increased competition in our casino business; changes in the regulatory environment for our casino business; concentration and evolution of the manufacture of slot machines and other technological conditions which could impose additional costs; and the inability to collect gambling claims from customers to whom we extend credit.

We assume no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Source: Churchill Downs Incorporated

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