International Speedway Corporation Amends Its $300M Credit Facility
International Speedway Corporation (NASDAQ: ISCA) 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.
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.
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