DAYTONA BEACH, Fla.,
Nov. 16, 2012 /PRNewswire/ -- International Speedway
Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin
Board: ISCB) ("ISC") announced that it has amended and
restated its $300 million revolving
credit facility (the "Facility") provided by multiple
lenders. The amendment provides better terms and extends the
final maturity of the facility from November
2015 to November 2017. The Facility can continue to be
utilized for general corporate purposes, including external growth
opportunities.
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The improved terms on the Facility include an amended pricing
grid ranging from LIBOR + 1.00% to LIBOR + 1.625%, depending on the
better of ISC's debt rating as determined by Standard & Poor's
or the Company's leverage ratio. Comparable pricing on ISC's
previous credit facility ranged from LIBOR + 1.50% to LIBOR +
2.25%. In addition, the amendment reduces certain other
fees.
Daniel W. Houser, ISC Senior Vice
President and Chief Financial Officer, said, "We appreciate the
continuing support of our lending group, which is an endorsement of
the Company's strength. Maintaining a solid financial
position, we are able to take advantage of the favorable market
conditions as they arise. The improved terms of the Facility
will provide ISC lower borrowing costs and increased financial
flexibility. We remain encouraged with the fundamentals of
our industry and will continue to invest in our business as we
execute our growth strategy."
The Facility is jointly led by SunTrust Robinson Humphrey, Inc.
("SunTrust") and J.P Morgan Securities LLC ("JP Morgan"), with
Wells Fargo Bank, N.A. acting as Administrative Agent. Bank
of America, N.A.; Regions Bank; and U.S. Bank N.A. acted as
Co-Documentation Agents. SunTrust and JP Morgan acted as
Joint Book Managers for the Facility, which was syndicated to a
select group of lenders including: Fifth Third Bank; BBVA Compass
Bank; Branch Banking & Trust Company; TD Commerce Bank, N.A;
and PNC Bank, N.A.
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. In addition, the Company has
a 50 percent interest in the Hollywood Casino at Kansas
Speedway. For more information, visit the Company's Web site
at www.internationalspeedwaycorporation.com.
Statements made in this release that express the Company's or
management's beliefs or expectations and which are not historical
facts or which are applied prospectively are forward-looking
statements. It is important to note that the Company's actual
results could differ materially from those contained in or implied
by such forward-looking statements. The Company's results could be
impacted by risk factors, including, but not limited to, weather
surrounding racing events, government regulations, economic
conditions, consumer and corporate spending, military actions, air
travel and national or local catastrophic events. Additional
information concerning factors that could cause actual results to
differ materially from those in the forward-looking statements is
contained from time to time in the Company's SEC filings including,
but not limited to, the 10-K and subsequent 10-Qs. Copies of those
filings are available from the Company and the SEC. The Company
undertakes no obligation to release publicly any revisions to these
forward-looking statements that may be needed to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. The inclusion of any statement in this
release does not constitute an admission by International Speedway
or any other person that the events or circumstances described in
such statement are material.
SOURCE International Speedway Corporation