Churchill Downs Incorporated (Nasdaq: CHDN) priced a $500 million senior secured Term Loan B due 2033, according to a company statement. The loan was priced at SOFR plus 175 basis points and issued at 99.875% of the principal amount.

The Louisville, Kentucky-based company said it intends to use the proceeds to repay outstanding Term Loan B loans, repay outstanding revolving loans, fund related transaction fees and expenses, and for working capital and general corporate purposes.

Churchill Downs also said it plans to issue a conditional redemption notice for its 5.50% Senior Notes due 2027, with the redemption to occur 30 days after the notice is issued. The company said it intends to fund that redemption from its revolving credit facility. The company noted that the press release does not constitute a notice of redemption for those notes.

The 2033 term loan is subject to customary gaming regulatory conditions.