This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.  

(Logo: http://photos.prnewswire.com/prnh/20091005/FL87045LOGO )

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs