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Wells Fargo Agents International Speedway’s $300MM Facility Amendment

September 29, 2016, 07:36 AM
Filed Under: Sports

International Speedway Corporation has amended and extended its $300 million revolving credit facility provided by multiple lenders.  The amendment extends the final maturity of the facility from November 2017 to September 2021.  The Facility can continue to be utilized for general corporate purposes, including external growth opportunities.

The Facility is jointly led by Wells Fargo Securities, LLC and Fifth Third Bank.  Wells Fargo Bank, N.A. will continue to serve as aadministrative agent and Bank of America, N.A. will serve as documentation agent.  Wells Fargo and Fifth Third acted as Joint Bookrunners for the Facility, which was syndicated to a select group of lenders including: J.P. Morgan Securities, LLC; SunTrust Robinson Humphrey, Inc.; and U.S. Bank N.A.

The terms on the Facility are comparable to previous terms, including price 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.  The current pricing is LIBOR + 1.250%, based on the Company’s most recent leverage ratio.  Fees for the Facility are comparable to the previous Facility.  The amended Facility also includes two one-year extension options.

International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities.

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