International Speedway Corporation Secures New $300 Million Credit Facility
DAYTONA BEACH, Fla., Nov. 22, 2010 /PRNewswire/ -- International Speedway Corporation (Nasdaq Global Select Market: ISCA; OTC Bulletin Board: ISCB) ("ISC") today announced that it has closed on a five-year, $300 million revolving credit facility (the "Facility") that can be utilized for general corporate purposes, including external growth opportunities.
The Facility is jointly led by SunTrust Robinson Humphrey, Inc. ("SunTrust") and J.P. Morgan Securities LLC ("JP Morgan"), with Wells Fargo Bank, N.A. acting as Administrative Agent. Bank of America, N.A.; Regions Bank; and U.S. Bank N.A. acted as Co-Documentation Agents. SunTrust and JP Morgan acted as Joint Book Managers for the Facility, which was syndicated to a select group of lenders including: Compass Bank; PNC Bank, N.A.; TD Bank, N.A.; and Branch Banking & Trust Company.
Daniel W. Houser, ISC Senior Vice President and Chief Financial Officer, said, "We are pleased to be backed by such a strong bank group which is a testament to the Company's strong financial position. Entering into this new credit facility is a significant step forward for ISC. It provides us with tremendous flexibility to invest in the business and supports our strategic initiatives."The Facility replaces ISC's $300 million revolving credit facility, which was scheduled to expire in June 2011. The Company elected to enter into the Facility at this time to take advantage of favorable financial market conditions. Pricing on the Facility will based on a pricing grid ranging from LIBOR + 1.50% to LIBOR + 2.25%, depending on the better of ISC's debt rating as determined by Moody's or Standard & Poor's or the Company's leverage ratio. Comparable pricing on ISC's previous credit facility ranged from LIBOR + 0.30% to LIBOR + 0.80%, based on ISC's highest debt rating.
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