Speedway Motorsports plans $350 million credit facilities via BofA

By Sara Rosenberg

New York, July 25 – Speedway Motorsports Inc. has received a commitment for $350 million of credit facilities to help fund its acquisition by Sonic Financial Corp., according to an 8-K recently filed with the Securities and Exchange Commission.

BofA Securities Inc. provided the debt commitment.

The facilities consist of a $100 million revolver and a $250 million term loan.

Other financing for the transaction will come from cash on hand, available lines of credit and other sources of immediately available funds.

Under the agreement, Speedway is being bought for cash consideration of $19.75 per share.

Closing is expected in the third quarter,

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

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