(Edited Three Chimneys release)
Satish and Anne Sanan announced Thursday that Padua Stables has sold a minority interest in Exchange Rate, currently North America’s leading juvenile sire and a leading third crop sire, to Three Chimneys Farm and that he will stand the 2008 season at Three Chimneys, near Midway, Ky.
Exchange Rate is the sire of two grade I winners from his first crop, seven stakes winners overall and three winners from three starters from his current crop of 2-year-olds. His grade I winners are Ermine, who won the 2007 Apple Blossom Handicap and ran second in the 2007 Santa Margarita Invitational Handicap (gr. I) and has a current bankroll of $851,082, and Swap Fliparoo, who won the Test Stakes at Saratoga last summer and has earned $614,662. He is also the sire of Xchanger, who won the Sapling Stakes (gr. III) at 2 and the Federico Tesio Stakes this year, and has earned $291,990.
His third crop are 2-year-olds this year and he has three winners from three starters – including Rated Feisty, a filly who defeated colts winning the Kentucky Breeders’ Cup Stakes (gr. III) by 4 ½ lengths.
A son of Daznig out of the stakes winner Sterling Pound, who is by Seeking the Gold, Exchange Rate won the Tom Fool Handicap (gr. II) and was graded stakes placed at 2 and a stakes winner at 3 and 4 racing for Padua Stables.
“Exchange Rate’s average earnings index (AEI) is 2.29 against a comparable index for his mares of 1.32 -- meaning he moves his mares up an amazing 73% -- almost doubling the quality of their foals. So he’s been good to the Florida breeders who have supported him with their mares,” said Satish Sanan. “We’re delighted to once again partner with Three Chimneys to now make Exchange Rate available to Kentucky-based mares.” Yes It’s True, who stood his first four seasons at Padua Stables, moved to Three Chimneys for the 2005 breeding season.
“This horse is a son of Danzig, and has a beautiful pedigree,” said Three Chimneys owner Robert Clay. “But more importantly, he already has an outstanding record as a sire. With six stakes winners from 68 starters in his first two crops, Exchange Rate has 8.82% stakes winners from starters and 6.97% stakes winners from the 86 total foals in those crops. Those are major league numbers.”
Exchange Rate previously stood at the Sanan's Padua Stables in Summerfield, Fla., where his 2007 fee was $10,000.