By Paul A. Harris
Portland, Ore., Oct. 16 – Speedway Motorsports, LLC priced an upsized $350 million issue of eight-year senior notes (B1/BB+) at par to yield 4 7/8% on Wednesday, according to market sources.
The issue size was increased from $300 million.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were SunTrust Robinson Humphrey Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
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.
| Issuers: | Speedway Motorsports, LLC and Speedway Funding II, Inc.
|
| Amount: | $350 million, increased from $300 million
|
| Maturity: | Nov. 1, 2027
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunners: | SunTrust Robinson Humphrey Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Senior co-manager: | Fifth Third Securities Inc.
|
| Co-managers: | PNC Capital Markets LLC and Comerica
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4 7/8%
|
| Spread: | 320 bps
|
| Call protection: | Three years
|
| Trade date: | Oct. 16
|
| Settlement date: | Oct. 23
|
| Ratings: | Moody's: B1
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
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