DAYTONA BEACH, Fla.,
Sept. 17, 2012 /PRNewswire/ -- International Speedway
Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board:
ISCB) ("ISC") announced the closing of $100.0 million in aggregate principal amount of
its 3.95 percent senior unsecured notes due 2024 ("Notes") in a
private placement. The Notes will rank pari passu in right of
repayment with the Company's other unsecured senior debt. The
Notes will pay interest on a semi-annual basis commencing six
months from the date of Closing.
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The proceeds from the sale of these Notes will be used to repay
the debt obligations on the Company's line of credit related to the
redemption of its 2014 Senior Notes. In March 2012, the Company completed the redemption
of all of its outstanding 5.4 percent Senior Notes due April 2014 and used available capacity on its
line of credit to retire all of the 2014 Notes.
Commenting on the announcement, Daniel
Houser, ISC's Senior Vice President, Chief Financial
Officer, stated, "Closing on this private placement further
strengthens ISC's financial position. We benefited from a
favorable interest rate environment that allows us to extend a
sizeable portion of our near-term debt maturities. It also
puts us in a stronger position to proceed with targeted capital
spending projects that enhance the live experience for our
guests. We are committed to enhancing the fan experience at
all of our major motorsports facilities to grow ISC's
business."
Wells Fargo Securities, LLC acted as sole placement agent.
The notes have not been and will not be registered under the
U.S. Securities Act of 1933, as amended (the "Securities Act"), and
may not be offered or sold in the U.S. without registration under
the Securities Act or pursuant to an applicable exemption from such
registration.
This announcement does not constitute an offer to sell, or the
solicitation of offers to buy, any security and shall not
constitute an offer, solicitation or sale of any security in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
International Speedway Corporation is a leading promoter of
motorsports activities, currently promoting more than 100 racing
events annually as well as numerous other motorsports-related
activities. The Company owns and/or operates 13 of the
nation's major motorsports entertainment facilities, including
Daytona International Speedway® in Florida (home of the DAYTONA 500®); Talladega
Superspeedway® in Alabama;
Michigan International Speedway® located outside Detroit; Richmond International Raceway® in
Virginia; Auto Club Speedway of
Southern California(SM) near
Los Angeles; Kansas Speedway® in
Kansas City, Kansas; Phoenix
International Raceway® in Arizona;
Chicagoland Speedway® and Route 66 Raceway(SM) near Chicago, Illinois; Homestead-Miami
Speedway(SM) in Florida;
Martinsville Speedway® in Virginia; Darlington Raceway® in South Carolina; and Watkins Glen
International® in New York.
The Company also owns and operates Motor Racing Network(SM), the
nation's largest independent sports radio network, and Americrown
Service Corporation(SM), a subsidiary that provides catering
services, food and beverage concessions, and produces and markets
motorsports-related merchandise. For more information, visit
the Company's Web site at
www.internationalspeedwaycorporation.com.
SOURCE International Speedway Corporation