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International Speedway Corporation Amends Its $300MM Credit Facility

November 19, 2012, 07:32 AM

International Speedway amended and restated its $300 million revolving credit facility provided by multiple lenders. The amendment provides better terms and extends the final maturity of the facility from November 2015 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.

The facility is jointly led by SunTrust Robinson Humphrey and J.P Morgan Securities, with Wells Fargo Bank, acting as administrative agent. Bank of America; Regions Bank; and U.S. Bank 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.

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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