Speedway Motorsports Announces Successful Private Placement of $100 Million 6 3/4% Senior Subordinated Notes Due 2013.CONCORD, N.C. -- Speedway Motorsports, Inc. (NYSE NYSE See: New York Stock Exchange :TRK) announced today it closed on the private placement of $100 million 6 3/4% Senior Subordinated Notes Due 2013 (the "Notes"). The Company used the proceeds of the offering to finance the acquisition of North Carolina Speedway North Carolina Speedway is a racetrack located in Rockingham, North Carolina. It is affectionately known as "The Rock" and hosted NASCAR events from 1965 to 2004, and has proposed hosting Automobile Racing Club of America series races starting in 2008. , which occurred on July 1. Speedway also announced that, on July 1, the United States District Court for the Eastern District of Texas The United States District Court for the Eastern District of Texas is the Federal district court with jurisdiction over the eastern part of Texas and is a part of the Fifth Circuit. The court's headquarters are in Tyler, Texas and has five subdivision offices. approved the litigation settlement agreement among Speedway's shareholders, NASCAR, International Speedway Corporation International Speedway Corporation (ISC) is a corporation whose primary business is the ownership and management of NASCAR race tracks. ISC was founded by NASCAR founder Bill France, Sr. (Nasdaq/NM:ISCA)(OTC BB:ISCB) and Speedway (the "Ferko/Vaughn Litigation"). The acquisition of North Carolina Speedway by the Company from ISC resulted from the settlement of the Ferko/Vaughan Litigation, in which shareholders of the Company sued NASCAR and ISC. The Notes have not been registered under the Securities Act of 1933 or any securities laws of any state or other jurisdiction and may not be offered or sold in the United States or any state or other jurisdiction absent registration or an applicable exemption from registration requirements. The issuance of the Notes was structured to allow secondary market trading under Rule 144A and Regulation S under the Securities Act of 1933. This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction where such an offering sold would be unlawful. Speedway Motorsports is a leading marketer and promoter of motorsports entertainment in the United States. The Company owns and operates, in addition to North Carolina Speedway, the following premier facilities: Atlanta Motor Speedway Atlanta Motor Speedway (formerly Atlanta International Raceway) is a superspeedway in Hampton, Georgia, twenty miles (32 km) south of Atlanta. It is a 1.54-mile (2.48 km) quad-oval track with a seating capacity of over 125,000. It opened in 1960 as a 1.5 mile standard oval. , Bristol Motor Speedways, Infineon Raceway, Las Vegas Motor Speedway Las Vegas Motor Speedway, located in Clark County, Nevada, just outside Las Vegas, is a 1,200 acre (4.9 km²) complex of four different tracks for automobile racing. The complex is owned by Speedway Motorsports, Inc., which is headquartered in Charlotte, North Carolina. , Lowe's Motor Speedway Lowe's Motor Speedway (formerly Charlotte Motor Speedway) is a speedway in Concord, North Carolina, north of Charlotte. It features a 1.5 mile long quad-oval track that seats 167,000 people, with room for 50,000 more spectators in the infield. , and Texas Motor Speedway. The Company provides souvenir merchandising services through its SMI Properties subsidiary, and manufactures and distributes smaller-scale, modified racing cars through its 600 Racing subsidiary. The Company also owns Performance Racing Network which broadcasts syndicated motorsports programming to over 725 radio stations nationwide. |
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