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.
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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