Speedway Motorsports, Inc. Announces $100 Million “Add On” Senior Notes
CONCORD, N.C. -- January 8, 2013
Speedway Motorsports, Inc. (NYSE: TRK) (the “Company”) is initiating an
offering, subject to market and other conditions, of an additional $100
million of 6¾% Senior Notes due 2019 (the “Additional Notes”). The Company
intends to use the proceeds from the offering to repay $95 million of
outstanding term loans under the Company’s existing credit facility,
representing all facility borrowings outstanding, with the balance for general
The Company issued $150.0 million principal amount of 6 ¾% Senior Notes due
2019 on February 3, 2011 (the “Existing Notes”), which were exchanged for
registered notes in May 2011. The Additional Notes and the Existing Notes will
have the same terms and ranking and will be treated as a single class for all
purposes under the indenture (including, without limitation, waivers,
amendments, redemptions and other offers to purchase).
The Additional Notes will be offered and sold to “qualified institutional
buyers” in the United States pursuant to Rule 144A and outside the United
States pursuant to Regulation S under the Securities Act of 1933, as amended
(the “Securities Act”). The Additional Notes will be guaranteed on an
unsecured, senior basis by each of the Company’s operative subsidiaries,
except for Oil-Chem Research Corporation and its subsidiaries.
The Additional Notes have not been registered under the Securities Act or any
state securities laws and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements of the Securities Act and applicable state laws.
This press release will not constitute an offer to sell or a solicitation of
an offer to purchase the Additional Notes or any other securities, and will
not constitute an offer, solicitation or sale in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful. This press
release is being issued pursuant to and in accordance with Rule 135c under the
About Speedway Motorsports, Inc.
Speedway Motorsports, Inc. is a leading marketer, promoter and sponsor of
motorsports entertainment in the United States. The Company, through its
subsidiaries, owns and operates the following premier facilities: Atlanta
Motor Speedway, Bristol Motor Speedway, Charlotte Motor Speedway, Kentucky
Speedway, Las Vegas Motor Speedway, New Hampshire Motor Speedway, Sonoma
Raceway and Texas Motor Speedway. The Company provides souvenir merchandising
services through its SMI Properties subsidiaries; manufactures and distributes
smaller-scale, modified racing cars and parts through its US Legend Cars
International subsidiary; and produces and broadcasts syndicated motorsports
programming to radio stations nationwide through its Performance Racing
Network subsidiary. The Company also equally owns Motorsports Authentics, a
joint venture with International Speedway Corporation to produce, market and
sell licensed motorsports merchandise.
This news release contains forward-looking statements concerning the Company’s
offering of Additional Notes. The terms of, and the Company’s ability to
complete, the Additional Notes offering will depend upon prevailing market
conditions and other factors including, but not limited to, economic factors,
geopolitical conditions, weather, the success of NASCAR and others as
sanctioning bodies, capital projects and expansion, financing needs, and a
host of other factors both within and outside of management control. These
factors and other factors, including those contained in our Annual Report on
Form 10-K and subsequently filed Quarterly Reports on Form 10-Q, involve
certain risks and uncertainties that could cause actual results or events to
differ materially from management’s views and expectations. Inclusion of any
information or statement in this news release does not necessarily imply that
such information or statement is material. The Company does not undertake any
obligation to release publicly revised or updated forward-looking information,
and such information included in this news release is based on information
currently available and may not be reliable after this date.
Speedway Motorsports, Inc.
Janet Kirkley, 704-532-3318
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