Speedway Motorsports offers $100M in senior notes Speedway Motorsports Inc. is looking to raise $100 million through an offering of senior notes due in 2019, the Concord-based racetrack operator said in a news release issued Tuesday.
Speedway Motorsports will use the proceeds from the offering to repay $95 million in outstanding term loans under its existing credit facility.
The latest offering is in addition to a $150 million offering initiated in February 2011, which has already been exchanged for registered notes. The additional notes will carry the same terms and ranking as the existing notes and will be treated as a single class.
The additional notes will be sold to qualified institutional buyers and are guaranteed on an unsecured, senior basis by each of the Speedway Motorsport’s subsidiaries, except Oil-Chem Research Corp.
Speedway Motorsports is a promoter of motorsports entertainment. The company owns and operates eight tracks, including Charlotte Motor Speedway.
The company (NYSE:TRK) posted net income of $11 million, or 26 cents per diluted share, in the third quarter, down by more than half from its income of $23.7 million, or 57 cents per share, in the same period of 2011. Its revenue dropped to $142.3 million for the quarter from $177 million a year earlier.
Speedway Motorsports is scheduled to report its fourth-quarter results on March 4.
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