Published on 1/22/2015 in the Prospect News High Yield Daily.
New Issue: Speedway Motorsports prices $200 million eight-year notes at par to yield 5 1/8%
By Paul A. Harris
Portland, Ore., Jan. 22 – Speedway Motorsports, Inc. priced a $200 million issue of eight-year senior notes (Ba2/BB+/) at par to yield 5 1/8% on Thursday, according to a syndicate source.
The yield printed at the tight end of yield talk in the 5¼% area.
BofA Merrill Lynch was the left bookrunner. J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC were the joint bookrunners.
The Concord, N.C.-based motorsports facilities management services provider plans to use the proceeds, along with borrowings under its credit facility, to fund the redemption of its 6¾% senior notes due 2019.
| Issuer: | Speedway Motorsports, Inc.
|
| Amount: | $200 million
|
| Maturity: | Feb. 1, 2023
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC
|
| Senior co-manager: | U.S. Bancorp Investments Inc.
|
| Co-managers: | PNC Capital Markets, Fifth Third Securities, TD Securities, Comerica, Regions
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 341 bps
|
| Call protection: | Three years
|
| Trade date: | Jan. 22
|
| Settlement date: | Jan. 27
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5¼% area
|
| Marketing: | Quick to market
|
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