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Dover Motorsports uses bank borrowings to fund bond redemption
New York, Oct. 12 - Dover Motorsports, Inc. used available borrowings under its $80 million revolving line of credit to fund the redemption of $11.9 million of its bonds for $14.6 million, plus accrued interest.
The transaction represented 67% of its outstanding bonds, which the motorsport promoter issued through the Southwestern Illinois Development Authority.
The revolver was amended on Oct. 12 to include a commitment reduction and to change the consolidated debt service definition.
The revolver expires on July 1, 2008, with a reduction to $73 million on July 1, 2006 and $65 million on July 1, 2007.
Interest is at Libor plus 125 to 200 basis points, depending on the ratio of funded debt to EBITDA.
Dover Motorsports is a Dover, Del., promoter of motorsports events.
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