Churchill Downs announces privately negotiated share repurchase

CDI's Board of Directors authorized the transaction under its existing $150 million share repurchase plan that was announced on October 28, 2015. After this transaction is completed, CDI will have $11.9 million remaining under its existing share repurchase plan. CDI repurchased the Shares using available cash and borrowings under its senior secured credit facility.

“The Duchossois family is strongly committed to Churchill Downs and we are excited to remain its largest shareholder with over 2 million shares after this transaction is completed,” stated Craig Duchossois, Chief Executive Officer of TDG. “This transaction is simply a result of our family’s ongoing estate planning and desire for increased diversification, particularly in light of the value to which our shareholdings in Churchill Downs has grown over time.”

“We appreciate the opportunity to facilitate this transaction with the Duchossois family,” stated Bill Carstanjen, CDI’s Chief Executive Officer. “In addition to this being accretive to CDI’s earnings per share, our company’s free cash flow generation and strong balance sheet make this an opportune time for us to complete this transaction under our existing share repurchase plan. The Duchossois family has been a long-time, passionate shareholder in Churchill Downs and we look forward to continuing our relationship.”