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International Speedway tenders for $100 million 5.4% notes due 2014
By Susanna Moon
Chicago, Oct. 8 - International Speedway Corp. said it began a cash tender offer for up to $100 million of its outstanding 5.4% senior notes due 2014.
Holders who tender their notes by 5 p.m. ET on Oct. 22 will receive $1,095 for each $1,000 principal amount, including an early tender payment of $30.00 per note.
Holders who tender their notes after the early tender date but by the expiration time will receive $1,065 for note.
The settlement date for the early tender date is expected to be on Oct. 25, and the settlement date for notes tendered by the expiration but after the early deadline is expected to be on Nov. 8.
The company will pay accrued interest up to but not including the settlement date.
If the amount of notes tendered exceeds the offer cap, the notes will be accepted on a pro rata basis.
The offer will expire at 8 a.m. ET on Nov. 8.
Banc of America Securities LLC (888 292-0070 or collect 980 388-9217, attn: debt advisory services) is the dealer manager.
The information agent is Global Bondholder Services Corp. (866 488-1500 or collect 212 430-3774 for banks and brokers).
International Speedway is a promoter of motorsports activities based in Daytona Beach, Fla. The company owns and/or operates 13 motorsports entertainment facilities.
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