Indiana Downs starts roadshow for $395 million two-part notes offer

By Paul A. Harris

St. Louis, Oct. 10 - Indianapolis Downs, LLC, in conjunction with Indiana Downs Capital Corp., began a roadshow on Wednesday for a $395 million two-part offering of notes, according to an informed source.

The Shelbyville, Ind., racetrack, off-track betting and gaming company is offering $345 of million five-year senior secured notes and $50 million of six-year senior subordinated secured payment-in-kind notes.

The roadshow is set to conclude on Oct. 19.

Jefferies & Co. is the bookrunner for the Rule 144A offering.

Credit ratings remain to be determined.

The notes in both tranches come with three years of call protection and three-year 35% equity clawbacks.

Proceeds will be used to pay the first installment of a gaming license fee, as well as to repay debt and build a gaming facility.

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