Speedway gets tenders for 90.4% of 6¾% notes; remainder to be called

By Jennifer Chiou

New York, Feb. 17 - Speedway Motorsports, Inc. said it collected tenders and consents for $298.3 million, or 90.4%, of its $330 million of 6¾% senior subordinated notes due 2013.

The remaining $31.7 million of notes is set for redemption at $1,011.25 per $1,000 principal amount plus accrued interest to March 21, the redemption date.

Consents were needed from the holders of a majority of the notes, and the proposed amendments eliminated substantially all of the restrictive covenants and events of default.

The total tender offer payment was $1,013.75 per $1,000 principal amount for notes tendered by the consent payment deadline of 5 p.m. ET on Feb. 2, including a consent payment of $13.75. All tendered notes were received by the early deadline.

Speedway also paid accrued interest in the offer that ended at midnight ET on Feb. 16. It began on Jan. 20.

The offer was conditioned on the receipt of enough consents to amend the notes and proceeds from a debt financing sufficient to fund the offer when combined with up to $190 million of other available funds.

Bank of America Merrill Lynch (888 292-0070 or collect 980 388-9217), J.P. Morgan Securities LLC (800 245-8812 or collect 212 270-3394), SunTrust Robinson Humphrey (collect 404 926-5051) and Wells Fargo Securities LLC (866 309-6316 or collect 704 715-8341) were the dealer managers and solicitation agents.

Global Bondholder Services Corp. (866 873-5600 or collect 212 430-3774) was the information agent.

Speedway Motorsports is a Concord, N.C.-based marketer and promoter of motorsports entertainment.

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