Speedway Motorsports marketing $300 million eight-year notes through Wednesday

By Paul A. Harris

Portland, Ore., Oct. 15 – Speedway Motorsports, LLC and Speedway Funding, Inc. plan to market a $300 million offering of eight-year senior notes (B1/BB+) on a brief roadshow set to wrap up on Wednesday, according to an informed source.

An investor meeting was scheduled for 12:30 p.m. ET on Tuesday in New York.

BofA Securities Inc. is the left bookrunner for the Rule 144A and Regulation S for life deal. SunTrust Robinson Humphrey Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

Fifth Third Bank is the senior co-manager. PNC Capital Markets LLC and Comerica are the co-managers.

The notes become callable after three years at par plus 50% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.

The Concord, N.C.-based owner and manager of racing facilities plans to use the proceeds to pay off its existing notes, as well as to repay $90 million of term loan debt, and for general corporate purposes.

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