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International Speedway announces early results of tender offer for 5.4% senior notes due 2014
By Marisa Wong
Madison, Wis., Oct. 25 - International Speedway Corp. said that as of 5 p.m. ET on Oct. 22, the early tender deadline, $62,935,000 of its 5.4% senior notes due 2014 had been tendered in the cash tender offer to purchase up to $100 million of the notes.
The offer began on Oct. 8 and is set to expire at 8 a.m. ET on Nov. 8.
The company said that because it is offering to purchase $100 million, or 66.6%, of the $150 million total amount of notes outstanding, it will only accept 66.6%, or approximately $41.9 million of the notes tendered at or before the early tender deadline.
Holders who tendered their notes prior to the early tender deadline will receive $1,095 for each $1,000 principal amount of notes accepted, which includes an early tender payment of $30 per $1,000 of notes.
Holders who tender their notes after the early tender date but by the expiration time will receive $1,065 per $1,000 of notes.
The company will also pay accrued interest up to but excluding the settlement date, which will be on or around Oct. 27 for the early tender notes and Nov. 8 for the notes tendered after the expiration time.
After the expiration time, the company will accept for purchase a minimum of 66.6% of any notes tendered after the early tender deadline and on or before the expiration time.
The company will also accept for purchase any remaining notes tendered but not purchased, subject to the tender cap and proration.
Banc of America Securities LLC (888 292-0070 or 980 388-9217) is the dealer manager for the offer, and Global Bondholder Services Corp. (866 488-1500 or 212 430-3774) is the information agent.
International Speedway is a promoter of motorsports activities based in Daytona Beach, Fla.
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