DAYTONA BEACH, Fla., Oct. 25 /PRNewswire-FirstCall/ -- International Speedway Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB) ("ISC") announced today that, as of 5:00 p.m. (EDT) on Friday, October 22, 2010 (the "Early Tender Deadline"), $62,935,000 aggregate principal amount of notes have been validly tendered, and not validly withdrawn by 5:00 p.m. (EDT) on Friday, October 22, 2010 (the "Withdrawal Deadline"), in connection with its previously announced cash tender offer to purchase up to $100,000,000 aggregate principal amount (the "Tender Cap") of its outstanding 5.40% senior notes due 2014 (the "Notes") (CUSIP No. 460335AF9 and ISIN No. US335AF96).
Holders who validly tendered their Notes at or prior to the Early Tender Deadline, and did not validly withdraw their Notes at or prior to the Withdrawal Deadline, will receive $1,095, payable in cash, for each $1,000 principal amount of Notes accepted for payment, which amount includes an early tender payment of $30 per $1,000 of Notes accepted for payment.Because we are offering to purchase $100,000,000, or 66.6%, of the $150,000,000 aggregate principal amount of the Notes outstanding, on the early settlement date we are limited to accepting 66.6%, or approximately $41.9 million aggregate principal amount, of the Notes tendered at or prior to the Early Tender Deadline. In addition to the consideration described above, accrued and unpaid interest up to, but not including, the early settlement date will be paid in cash on all validly tendered and accepted Notes. Subject to the satisfaction or waiver by us of conditions to the offer, we expect that the Early Settlement Date will be on or before Wednesday, October 27, 2010. The tender offer is scheduled to expire at 8:00 a.m. (EDT) on Monday, November 8, 2010, unless extended (the "Expiration Time"). Promptly following the Expiration Time, ISC will accept for purchase a minimum of 66.6% of any Notes tendered after the Early Tender Deadline and on or prior to the Expiration Time. In addition, on such date ISC will accept for purchase any remaining Notes tendered but not purchased, subject to the Tender Cap and proration procedures described in the Offer to Purchase, dated October 8, 2010 (the "Offer to Purchase"). ISC may amend, extend or, subject to certain conditions, terminate the tender offer. The Offer to Purchase and the related Letter of Transmittal set forth a complete description of the terms and conditions of the tender offer. Holders are urged to read the Offer to Purchase and Letter of Transmittal carefully before making any decision with respect to the Offer. The Offer to Purchase and related Letter of Transmittal were distributed to holders beginning October 8, 2010. Banc of America Securities LLC is serving as the dealer manager for the Offer. Questions about the Offer should be directed to Banc of America Securities LLC, toll-free at (888) 292-0070 or (980) 388-9217 (collect), attention: Debt Advisory Services. The information agent for the Offer is Global Bondholder Services Corporation. Requests for additional sets of the Offer materials may be directed to Global Bondholder Services Corporation, by calling toll-free at (866) 488-1500 or (212) 430-3774 (collect) for banks and brokers.