Capital Structure Inputs
Live Stress Testing
Target Raise (New Debt)
$500M
Existing Debt Balance
$1,450M
Current Annual EBITDA
$280M
Average Blended Interest Rate
7.8%
High-Yield Risk Spread (bps)
420 bps
Target Tranche Maturity
5 Years
Source Grounding: Bloomberg reported Kentucky Derby operator Churchill Downs seeking $500M in risky loan syndication to refinance looming maturities. Data simulated for capital analysis.
Total Debt Post-Refi
$1,950M
Leverage: 6.96x EBITDA
Annual Interest Expense
$152.1M
7.80% blended coupon
Debt Service Coverage (DSCR)
1.84
EBITDA / Total Debt Service
Credit Rating Assessment
Baa3 / BBB- (Speculative Grade Watch)
Moderate Risk - Elevated Debt Service
Debt Maturity Wall Profile (Existing vs Refinanced Syndication)
● Refinanced $500M Tranche highlighted
Pro Forma Capital Structure & Debt Tranches
| Debt Facility | Principal ($M) | Maturity Year | Coupon / Margin | Annual Service ($M) |
|---|