International Speedway Completes Sale of $300 Million of Senior Notes
April 23 2004 - 2:07PM
PR Newswire (US)
International Speedway Completes Sale of $300 Million of Senior
Notes - Company to Redeem Existing $225 Million Senior Notes Due
2004 - DAYTONA BEACH, Fla., April 23 /PRNewswire-FirstCall/ --
International Speedway Corporation (BULLETIN BOARD: ISCB) ("ISC")
today announced that it has closed on the private placement of $150
million 4.20 percent Senior Notes due 2009, and $150 million 5.40
percent Senior Notes due 2014 (collectively the "New Notes"). 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 ("Old 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.
Formal notice of redemption to holders of the Old Notes is expected
to be mailed on April 27, 2004, with a redemption date of May 28,
2004. The New 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 New Notes. 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/
Copyright