Churchill Downs increases borrowing capacity

AP News
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Posted: Dec 22, 2009 5:01 PM

Churchill Downs Inc. said Tuesday it has amended its revolving credit facility to increase its borrowing capacity to $275 million from $120 million.

The race track operator said it will use the new funds for working capital, acquisitions, general corporate purposes and to refinance existing debts.

J.P. Morgan Securities Inc. and PNC Capital Markets Inc. acted as the joint lead arrangers and book-runners. Branch Banking & Trust Company, U.S. Bank N.A., Fifth Third Bank, and Wells Fargo N.A. are also participating in the facility.

Shares of Churchill Downs rose 37 cents to close at $36.50.