International Speedway Announces Intention to Offer Senior Notes
April 19 2004 - 10:05AM
PR Newswire (US)
International Speedway Announces Intention to Offer Senior Notes -
Majority of Net Proceeds to Redeem Existing $225 Million Senior
Notes Due in 2004 - DAYTONA BEACH, Fla., April 19
/PRNewswire-FirstCall/ -- International Speedway Corporation
(BULLETIN BOARD: ISCB) ("ISC") today announced that it intends to
offer in a private placement up to $300 million principal amount of
Senior Notes. The aggregate principal amount, interest rate,
maturity date and other terms of the Notes have yet to be
finalized. The Company intends to use a substantial majority of the
net proceeds from the transaction to redeem its existing $225
million 7.875 percent Senior Notes due October 15, 2004, including
payment of redemption premium and accrued interest. The remainder
of the proceeds will be used to pay for fees and expenses related
to the current offering and for general corporate purposes. The
Notes have not been registered under the Securities Act of 1933 or
any securities laws of any state or other jurisdiction and may not
be offered or sold in the United States or any state or other
jurisdiction absent registration or an applicable exemption from
registration requirements. This announcement is neither an offer to
sell nor a solicitation of an offer to buy the Notes. There can be
no assurance that the Notes offering will be completed.
International Speedway Corporation is a leading promoter of
motorsports activities in the United States, currently promoting
more than 100 events annually. The Company owns and/or operates 12
of the nation's major motorsports 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; California Speedway near Los Angeles; Kansas Speedway in
Kansas City, Kansas; Phoenix International Raceway in Arizona;
Homestead-Miami Speedway in Florida; North Carolina Speedway in
Rockingham; Darlington Raceway in South Carolina; Watkins Glen
International in New York; and Nazareth Speedway in Pennsylvania.
Other track interests include an indirect 37.5% interest in Raceway
Associates, LLC, which owns and operates Chicagoland Speedway and
Route 66 Raceway near Chicago, Illinois. The Company also owns and
operates MRN Radio, the nation's largest independent sports radio
network; DAYTONA USA, the "Ultimate Motorsports Attraction" in
Daytona Beach, Florida, the official attraction of NASCAR; and
subsidiaries which provide catering services, food and beverage
concessions, and produce and market motorsports-related merchandise
under the trade name "Americrown." For more information, visit the
Company's Web site at http://www.iscmotorsports.com/. 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-Q's.
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. DATASOURCE:
International Speedway Corporation CONTACT: Wes Harris, Director of
Investor Relations, International Speedway Corporation,
+1-386-947-6465 Web site: http://www.iscmotorsports.com/
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