UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 25, 2021

 

Dover Motorsports, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   001-11929   51-0357525
(State or other jurisdiction of
incorporation)
  Commission File Number   (IRS Employer Identification No.)

 

1131 N. DuPont Highway    
Dover, Delaware   19901
(Address of principal executive offices)   (Zip Code)

 

Registrant's telephone number, including area code (302) 883-6500

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Class   Trading Symbol(s)   Name of Exchange on Which Registered
Common Stock, $.10 Par Value   DVD   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

Item 1.01 Entry into a Material Definitive Agreement

 

On February 25, 2021, Dover Motorsports, Inc. and its wholly owned subsidiaries Dover International Speedway, Inc. and Nashville Speedway, U.S.A., Inc., (collectively, the “Borrowers”), amended its credit agreement with its bank group. Among other things, the credit facility was modified to: extend the maturity date to September 1, 2024; replace the fixed charge coverage ratio with an interest coverage ratio; reduce the total available borrowings under the facility to $25,000,000; and ensure compliance with applicable regulations. As of February 25, 2021, there are no borrowings outstanding under the credit facility.

 

The foregoing summary of the modification agreement is qualified in its entirety by the full text thereof, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

10.1 Fifth Loan Modification and Reaffirmation Agreement between Dover Motorsports, Inc., Dover International Speedway, Inc. and Nashville Speedway, U.S.A., Inc. and Citizens Bank, N.A. as agent, dated as of February 25, 2021.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    Dover Motorsports, Inc.
     
     
    /s/ Denis McGlynn
    Denis McGlynn
    President and Chief Executive Officer

 

Dated: February 25, 2021

 

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