International Speedway Corporation Announces Closing Of Tender Offer
DAYTONA BEACH, Fla., Nov. 8, 2010 /PRNewswire-FirstCall/ -- International Speedway Corporation (Nasdaq Global Select Market: ISCA; OTC Bulletin Board: ISCB) ("ISC") announced today the final results of its previously announced cash tender offer to purchase up to $100,000,000 aggregate principal amount of its outstanding 5.40% senior notes due 2014 (the "Notes") (CUSIP No. 460335AF9 and ISIN No. US335AF96).
The tender offer expired at 8:00 a.m. (EST), on Monday, November 8, 2010 (the "Expiration Time"). As of the Expiration Time, Notes with an aggregate principal amount of $62,960,000 were tendered and not validly withdrawn.Commenting on the announcement, Daniel Houser, ISC's Senior Vice President, Chief Financial Officer, stated, "We are pleased with the results of the tender offer, which is another step in our ongoing efforts to further strengthen our financial position. We will benefit from the current favorable interest rate environment to refinance the tendered notes with lower cost alternatives while extending a significant portion of our near-term debt maturities." ISC previously announced early settlement of a portion of the Notes tendered prior to 5:00 p.m. (EDT) on Friday, October 22, 2010 (the "Early Tender Deadline"). ISC today accepted for purchase and effected settlement of all of the Notes that were tendered, not withdrawn and not previously accepted for purchase. Holders who validly tendered their Notes prior to the Early Tender Deadline received $1,095 per $1,000 principal amount of Notes tendered and accepted for payment, and holders who validly tendered their Notes thereafter received $1,065 per $1,000 principal amount of Notes tendered and accepted for payment. In addition to the consideration described above, holders of Notes validly tendered and accepted for purchase received accrued and unpaid interest on the Notes from the last payment date for the Notes up to, but not including, the applicable settlement date.
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