Speedway Announces Extension of Offer to Exchange Notes
28 February 2000
International Speedway Corporation Announces Extension of Offer to Exchange Its 7.875% Senior Notes Due 2004
DAYTONA BEACH, Fla.--Feb. 28, 2000--International Speedway Corporation ("ISC") (Nasdaq/NM: ISCA; OTC Bulletin Board: ISCB) today announced it has extended its offer to exchange (the "Exchange Offer") up to $225 million aggregate principal amount of its outstanding 7.875% Senior Notes due 2004 for a like principal amount of 7.875% Senior Notes due 2004, which have been registered under the Securities Act of 1933.The Exchange Offer, initially scheduled to expire at 5:00 p.m., Eastern Standard Time, on February 28, 2000, will expire at 5:00 p.m., Eastern Standard Time, on March 14, 2000, unless further extended. First Union National Bank is acting as the Exchange Agent on the offer.
As of February 25, 2000, approximately $70.4 million aggregate principal amount of the outstanding Notes had been tendered.
The outstanding Notes have not been registered under the Securities Act and may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the outstanding Notes or the registered Notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.
International Speedway Corporation is a leading promoter of motorsports activities in the United States, currently promoting more than 100 events annually. The Company owns and/or operates 11 major motorsports facilities, including Daytona International Speedway in Florida (home of the Daytona 500); Talladega Superspeedway in Alabama; Michigan Speedway located outside Detroit, Michigan; California Speedway near Los Angeles, California; Homestead-Miami Speedway in Florida; Phoenix International Raceway in Arizona; Richmond International Raceway in Virginia; Darlington Raceway in South Carolina; North Carolina Speedway in Rockingham, North Carolina; Watkins Glen International in New York, and Nazareth Speedway in Pennsylvania. In addition, the Company is developing a superspeedway in Kansas City, Kansas. Other track interests include the operation of Tucson (Arizona) Raceway Park and an indirect 37.5% interest in Raceway Associates, LLC, which owns the Route 66 Raceway and is developing a superspeedway in the Chicago area. The Company also owns and operates MRN Radio, the nation's largest independent sports radio network; DAYTONA USA, the "Ultimate Motorsports Attraction" in Daytona Beach, Florida, the official attraction of NASCAR; Americrown Service Corporation, a provider of catering services, food and beverage concessions, and merchandise sales, and Motorsports International, a producer and marketer of motorsports- related merchandise. For more information, visit the Company's Web site at www.iscmotorsports.com.