International Speedway Corporation to Redeem All of Its Outstanding 5.4 Percent Senior Notes Due 2014
DAYTONA BEACH, Fla., Feb. 8, 2012 /PRNewswire/ -- International Speedway Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB) ("ISC") announced today the mailing of the redemption notices for the previously announced full redemption of all of its outstanding 5.4 percent Senior Notes due April 2014.
As previously noted, the redemption date for the 5.4 Senior Notes will be March 15, 2012. The Company intends to use 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 in the amount of approximately $9.0 million (combined the "Redemption Price") and accrued interest up to, but excluding, the redemption date. The Redemption Price has been calculated in accordance with the related indenture under which the 5.4 percent Senior Notes were issued.
Holders owning Notes through a broker, bank or other nominee should contact that party for information. For more information, holders of the Notes may call the Bondholder Communications Group of the Paying Agent for the redemption, U.S. Bank National Association, at 1-800-934-6802.
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.
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 MRN® Radio, 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