International Speedway amends $300 million revolver, extends to 2021

By Wendy Van Sickle

Columbus, Ohio, Sept. 28 – International Speedway Corp. amended and extended its $300 million revolving credit facility, the company announced in a press release.

The revolver now matures September 2021, extended from November 2017, and also has two one-year extension options.

The facility is led by joint bookrunners Wells Fargo Securities, LLC and Fifth Third Bank. Wells Fargo Bank, NA will continue as administrative agent, and Bank of America, NA will act as documentation agent.

Terms are comparable to previous terms, including a price grid ranging from Libor plus 100 basis points to Libor plus 162.5 bps, depending either on the company’s debt rating or leverage ratio. Current pricing is Libor plus 125 bps, based on the company’s most recent leverage ratio. Fees for are comparable to those in place before the amendment, according to the release.

The revolver can continue to be utilized for general corporate purposes, including external growth opportunities.

“Maintaining a solid financial position, we are able to take advantage of the favorable market conditions as they arise,” Daniel W. Houser, ISC executive vice president and chief financial officer, said in the release. “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 based in Daytona Beach, Fla. The company owns and/or operates 13 motorsports entertainment facilities.

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