Churchill Downs Incorporated Closes Offering of $300 Million of Senior Notes
LOUISVILLE, Ky., Dec. 16, 2013 (GLOBE NEWSWIRE) -- Churchill Downs
Incorporated (CDI) (Nasdaq:CHDN) announced that it has issued $300 million in
aggregate principal amount of senior notes due 2021 in a private offering that
is exempt from registration under the Securities Act of 1933, as amended (the
"Securities Act"). The notes are senior unsecured obligations of CDI and are
guaranteed by each of CDI's domestic subsidiaries that guarantee its senior
secured credit facility.
CDI will use the net proceeds from the offering to repay a portion of its
outstanding borrowings, and accrued and unpaid interest outstanding under its
senior secured credit facility, including fees and expenses incurred in
connection with the foregoing.
The notes and related guarantees were offered only to qualified institutional
buyers in reliance on Rule 144A under the Securities Act or, outside the
United States, to persons other than "U.S. persons" in compliance with
Regulation S under the Securities Act. The 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.
Churchill Downs Incorporated
William Mudd, (502) 636-4410
Executive Vice President and Chief Financial Officer
Michael Anderson, (502) 636-4492
Vice President, Corporate Finance and Treasurer
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain forward-looking statements, which can be
identified by the use of words such as "anticipates," "intends," "plans,"
"seeks," "believes," "estimates," "expects", "projects," "may," "will" or
"should" or the negative or other variation of these or similar words, or by
discussions of strategy or risks and uncertainties, and similar references to
future periods. These statements are based on management's current
expectations and assumptions about the industries in which CDI operates.
Forward-looking statements are not guarantees of future performance and are
subject to significant risks and uncertainties that may cause actual results
or achievements to be materially different from the future results or
achievements expressed or implied by the forward-looking statements. These
risks and uncertainties include, but are not limited to, the risks and
uncertainties related to the capital markets generally and whether CDI will
offer the notes or consummate the offering, the anticipated terms of the
notes, the anticipated use of proceeds, as well as those risk and
uncertainties described in CDI's most recent Annual Report on Form 10-K,
including under "Risk Factors." The Annual Report on Form 10-K can be accessed
through the "Investors" section of CDI's website at
www.churchilldownsincorporated.com. CDI disclaims any intent or obligation to
update or revise any forward-looking statements in response to new
information, unforeseen events, changed circumstances or any other occurrence.
CONTACT: Courtney Yopp Norris
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