Churchill Downs guiding $400 million eight-year notes at 5½%-5 5/8%; pricing Wednesday

By Paul A. Harris

Portland, Ore., March 20 – Churchill Downs Inc. plans to price $400 million of eight-year senior notes (expected ratings Ba3/B+) in a quick-to-market Wednesday trade, according to market sources.

Initial guidance has the deal coming to yield 5½% to 5 5/8%, a trader said.

J.P. Morgan Securities LLC is leading the Rule 144A and Regulation S offering.

The notes come with three years of call protection.

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

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