Moody’s rates Speedway Motorsports notes B1

Moody’s Investors Service said it assigned a B1 rating to Speedway Motorsports, LLC's proposed $300 million senior notes due 2027.

The corporate family rating and probability of default rating are unchanged at Ba3 and Ba3-PD, respectively. The outlook is stable.

The net proceeds of the notes will be used to refinance the existing $200 million senior notes due 2023 and repay $90 million of the existing term loan A.

“This transaction extends the nearest debt maturity to 2024, but slightly increases proforma leverage to 3.9x as of Q2 2019,” the agency said in a news release.

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