The facility was jointly led by Wells Fargo Securities and Fifth Third Bank. Bank of America served as documentation agent. Wells Fargo and Fifth Third acted as joint bookrunners for the facility, which was syndicated to a select group of lenders including J.P. Morgan Securities, SunTrust Robinson Humphrey and U.S. Bank.
The facility can continue to be utilized for general corporate purposes, including external growth opportunities.
The terms on the facility are comparable to previous terms, including price grid ranging from LIBOR + 1.00% 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. The current pricing is LIBOR + 1.250%, based on the company’s most recent leverage ratio. Fees for the facility are comparable to the previous facility. The amended facility also includes two one-year extension options.
Daniel W. Houser, ISC EVP 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. 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 is a promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities.