International Speedway Prices $300 Million of Senior Notes
April 19 2004 - 3:02PM
PR Newswire (US)
International Speedway Prices $300 Million of Senior Notes DAYTONA
BEACH, Fla., April 19 /PRNewswire-FirstCall/ -- International
Speedway Corporation (BULLETIN BOARD: ISCB) ("ISC") today announced
that it has priced $150 million principal amount of Senior Notes
due 2009 ("five-year Notes") and $150 million principal amount of
Senior Notes due 2014 ("ten-year Notes") that are being offered in
a private placement. The unsecured five-year Notes will bear
interest at 4.200 percent and will mature on April 15, 2009, and
the ten-year Notes will bear interest at 5.400 percent and will
mature on April 15, 2014. 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 the 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 of International Speedway Corporation,
+1-386-947-6465 Web site: http://www.iscmotorsports.com/
Copyright