International Speedway Corporation Announces Completion of Redemption of Its Outstanding 5.4 Percent Senior Notes Due 2014
DAYTONA BEACH, Fla., March 15, 2012 /PRNewswire/ -- International Speedway Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB)("ISC") announced today the completion of the redemption of all of its outstanding 5.4 percent Senior Notes due April 2014.
As previously announced, the Company used additional borrowings under its 2010 Credit Facility to redeem and retire all of its outstanding 5.4 percent Senior Notes, for an aggregate price equal to the $87.0 million principal amount currently outstanding plus a redemption premium and accrued interest up to, but excluding, the redemption date.
Commenting on the redemption, Ms. France Kennedy stated, "The redemption of our 2014 Senior Notes is a continuation of ongoing efforts to further support our Company's strong financial position, by managing debt maturities in the current financial environment. We will monitor interest rate trends to potentially refinance the borrowings of the redeemed notes on our credit facility with lower cost alternatives while extending a significant portion of near-term debt maturities."
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, 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.
SOURCE International Speedway Corporation
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