Speedway Motorsports, Inc. Announces $200 Million Senior Notes Offering
January 22 2015 - 10:11AM
Business Wire
Speedway Motorsports, Inc. (NYSE: TRK) (the “Company”) is
initiating an offering, subject to market and other conditions, of
$200 million of Senior Notes due 2023 (the “New Notes”). The
Company intends to use the proceeds from the offering, together
with borrowings under its credit facility and cash on hand, to
redeem all of the Company’s 63/4% Senior Notes due 2019 (the “2019
Notes”). This press release does not constitute a notice of
redemption for the 2019 Notes.
The New Notes will be offered and sold to persons reasonably
believed to be “qualified institutional buyers” in the United
States pursuant to Rule 144A and outside the United States pursuant
to Regulation S under the Securities Act of 1933, as amended
(the “Securities Act”). The New Notes will be guaranteed on an
unsecured, senior basis by certain of the Company’s
subsidiaries.
The New Notes have not been registered under the Securities Act
or any state securities laws and may not be offered or sold in the
United States absent registration or an applicable exemption from
the registration requirements of the Securities Act and applicable
state laws.
This press release will not constitute an offer to sell or a
solicitation of an offer to purchase the New Notes or any other
securities, and will not constitute an offer, solicitation or sale
in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful. This press release is being issued
pursuant to and in accordance with Rule 135c under the Securities
Act.
About Speedway Motorsports,
Inc.
Speedway Motorsports is a leading marketer and promoter of
motorsports entertainment in the United States. The Company,
through its subsidiaries, owns and operates the following premier
facilities: Atlanta Motor Speedway, Bristol Motor Speedway,
Charlotte Motor Speedway, Kentucky Speedway, Las Vegas Motor
Speedway, New Hampshire Motor Speedway, Sonoma Raceway and Texas
Motor Speedway. The Company provides souvenir merchandising
services through its SMI Properties subsidiaries; manufactures and
distributes smaller-scale, modified racing cars and parts through
its US Legend Cars International subsidiary; and produces and
broadcasts syndicated motorsports programming to radio stations
nationwide through its Performance Racing Network subsidiary.
This news release contains forward-looking statements concerning
the Company’s offering of New Notes. The terms of, and the
Company’s ability to complete, the New Notes offering will depend
upon prevailing market conditions and other factors including, but
not limited to, economic factors, weather, the success of NASCAR
and others as sanctioning bodies, capital projects and expansion,
financing needs, income taxes and a host of other factors both
within and outside of management control. These factors and other
factors, including those contained in our Annual Report on Form
10-K and subsequently filed Quarterly Reports on Form 10-Q, involve
certain risks and uncertainties that could cause actual results or
events to differ materially from management’s views and
expectations. Inclusion of any information or statement in this
news release does not necessarily imply that such information or
statement is material. The Company does not undertake any
obligation to release publicly revised or updated forward-looking
information, and such information included in this news release is
based on information currently available and may not be reliable
after this date.
Speedway Motorsports, Inc.Janet Kirkley, 704-532-3318
Speedway Motorsports (NYSE:TRK)
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