DAYTONA BEACH, Fla.
, Nov. 16, 2012 /PRNewswire/ --
International Speedway Corporation
(NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB)
announced that it has amended and restated its
revolving credit facility (the "Facility") provided by multiple lenders. The amendment provides better terms and extends the final maturity of the facility from
to November 2017. The Facility can continue to be utilized for general corporate purposes, including external growth opportunities.
The improved terms on the Facility include an amended pricing grid ranging from LIBOR + 1.00% to LIBOR + 1.625%, depending on the better of ISC's debt rating as determined by Standard & Poor's or the Company's leverage ratio. Comparable pricing on ISC's previous credit facility ranged from LIBOR + 1.50% to LIBOR + 2.25%. In addition, the amendment reduces certain other fees.
Daniel W. Houser
, ISC Senior Vice President and Chief Financial Officer, said, "We appreciate the continuing support of our lending group, which is an endorsement of the Company's strength. Maintaining a solid financial position, we are able to take advantage of the favorable market conditions as they arise. The improved terms of the Facility will provide ISC lower borrowing costs and increased financial flexibility. We remain encouraged with the fundamentals of our industry and will continue to invest in our business as we execute our growth strategy."
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: Fifth Third Bank; BBVA Compass Bank; Branch Banking & Trust Company; TD Commerce Bank, N.A; and PNC Bank, N.A.