Churchill Downs Inc. (CHDN) or CDI, announced that it has closed an amendment to its revolving credit facility. The amendment, which was approved by the Company's Board of Directors in April, received regulatory approval on May 16, 2013. The Amendment is effective concurrently with the closing.
The company said the five-year amendment to CDI's bank revolver, maturing in May of 2018, increases the company's borrowing capacity from $375 million to $500 million.
It also includes an 'accordion feature' that allows the Company, under certain circumstances, to increase the secured borrowing capacity up to an additional $225 million. Additionally, the amendment provides a two-tiered financial leverage covenant with leverage up to 5.0 times under certain conditions, CDI noted.
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