Churchill Downs to price $300 million 10-year notes on Tuesday

By Paul A. Harris

Portland, Ore., Dec. 12 – Churchill Downs Inc. plans to price a $300 million offering of 10-year senior notes in a Tuesday drive-by, according to market sources.

Initial conversations had the yield coming in the low 5% area, a buyside source said.

J.P. Morgan Securities LLC, Fifth Third Bank, PNC Capital Markets, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the joint bookrunners. KeyBanc Capital Markets is the co-manager.

The Rule 144A and Regulation S notes come with five years of call protection.

The Louisville, Ky.-based racing, gaming and online entertainment company plans to use the proceeds to repay debt.

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