SunTrust, Others Amend International Speedway $300MM Facility
International Speedway (ISC) announced that it has amended and restated its $300 million revolving credit facility provided by multiple lenders. The amendment provides better terms and extends the final maturity of the facility from November 2015 to November 2017. The facility can continue to be utilized for general corporate purposes, including external growth opportunities.
The facility is jointly led by SunTrust Robinson Humphrey and J.P Morgan Securities, with Wells Fargo acting as administrative agent. Bank of America, Regions Bank and U.S. Bank acted as co-documentation agents. SunTrust and JP Morgan acted as joint book managers for the facility, which was syndicated to a select group of lenders including: Fifth Third Bank, BBVA Compass Bank, Branch Banking & Trust Company, TD Commerce Bank and PNC Bank.
The improved terms on the facility include an amended pricing grid ranging from LIBOR + 1% to LIBOR + 1.625%, depending on the better of ISC’s debt rating as determined by Standard & Poor’s or the company’s leverage ratio. Comparable pricing on ISC’s previous credit facility ranged from LIBOR + 1.5% to LIBOR + 2.25%. In addition, the amendment reduces certain other fees.
Daniel W. Houser, ISC senior vice president and CFO, said, “We appreciate the continuing support of our lending group, which is an endorsement of the company’s strength. Maintaining a solid financial position, we are able to take advantage of the favorable market conditions as they arise. The improved terms of the Facility will provide ISC lower borrowing costs and increased financial flexibility. We remain encouraged with the fundamentals of our industry and will continue to invest in our business as we execute our growth strategy.”
International Speedway currently promotes more than 100 racing events annually as well as numerous other motorsports-related activities.