New Issue: Speedway Motorsports prices $150 million 6¾% eight-year notes at par

By Paul A. Harris

Portland, Ore., Jan. 20 - Speedway Motorsports, Inc. priced a $150 million issue of eight-year senior notes (Ba2/BB/) at par to yield 6¾% on Thursday, according to an informed source.

The yield printed at the tight end of the 6 7/8% area price talk.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities were the joint bookrunners for the quick-to-market issue.

The notes were sold via Rule 144A with registration rights and Regulation S.

The Concord, N.C.-based motorsports promoter will use the proceeds to partially finance a tender for its 6¾% senior subordinated notes due 2013.

Issuer:	Speedway Motorsports, Inc.
Amount:	$150 million
Maturity:	Feb. 1, 2019
Securities:	Senior notes
Bookrunners:	Bank of America Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities
Co-managers:	Morgan Keegan, RBC Capital Markets, US Bancorp
Coupon:	6¾%
Price:	Par
Yield:	6¾%
Spread:	369 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Feb. 1, 2015, then callable at 103.375, 101.688, par on and after Feb. 1, 2017
Equity clawback:	35% at 106.75 until Feb. 1, 2014
Change-of-control put:	101%
Trade date:	Jan. 20
Settlement date:	Feb. 3
Ratings:	Moody's: Ba2
	Standard & Poor's: BB
Distribution:	Rule 144A with registration rights and Regulation S
Price talk:	6 7/8% area
Marketing:	Quick to market

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