Moody’s rates Churchill notes B1

Moody’s Investors Service said it rated Churchill Downs Inc.’s expected $900 million of senior notes due 2030 B1. Concurrently, the agency affirmed the company’s Ba3 corporate family, Ba1 senior secured and B1 senior unsecured ratings.

The issuer will use the proceeds to partly finance the $2.485 billion acquisition of Peninsula Pacific Entertainment LLC and for general corporate purposes.

“The new rating assigned is based on the transaction closing as described, including CDI successfully obtaining an $800 million delayed-draw term loan A and $1.2 billion upsize of the revolver prior to the acquisition closing, both of which will also be used to fund the acquisition of P2E,” Moody’s said in a press release.

The deal is expected to close by the end of 2022.

The outlook is stable.

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