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International Speedway Closes On $300 Million Credit Facility

23 July 1999

International Speedway Closes On $300 Million Credit Facility

    DAYTONA BEACH, Fla.--July 22, 1999-- International Speedway Corporation ("ISC") today announced that it has closed on a five-year, $300 million revolving credit facility which will be utilized to finance a portion of ISC’s pending merger with Penske Motorsports, Inc. ("PMI") . The credit facility was led by First Union Capital Markets Corp. as Administrative Agent and syndicated to a select group of three lenders, including SunTrust Bank as Documentation Agent, The First National Bank of Chicago and Citicorp USA, Inc. The credit facility will replace ISC's existing $100 million facility and refinance borrowings under PMI’s revolver at the time of the merger, which is expected to be consummated on July 26, 1999.
    Pricing on the credit facility will range from LIBOR + 0.50% to LIBOR + 1.00% based on ISC’s ratio of consolidated funded debt to EBITDA.
    International Speedway Corporation is a leading promoter of motorsports activities in the United States, currently promoting more than 80 events annually. The Company currently owns and/or operates five motorsports facilities, including Daytona International Speedway in Florida (home of the Daytona 500), Talladega Superspeedway in Alabama, Phoenix International Raceway in Arizona, Darlington Raceway in South Carolina and Watkins Glen International in New York. Other track interests include the operation of Tucson (Arizona) Raceway Park, a 45% stake in Miami-Homestead Speedway, an approximate 12% holding in Penske Motorsports, Inc., and an indirect 37.5% interest in Raceway Associates, LLC, which owns the Route 66 Raceway and is developing a superspeedway in the Chicagoland area. The Company also owns and operates MRN Radio, the nation’s largest independent sports radio network, and DAYTONA USA, the "Ultimate Motorsports Attraction" in Daytona Beach, Florida, and the official attraction of NASCAR. For more information, visit the Company’s website at www.iscmotorsports.com.