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May 14, 2009 (FinancialWire) -- Speedway Motorsports, Inc. (NYSE: TRK | Quote | Chart | News | PowerRating) is launching an offering of $250 million of unsecured senior notes due 2016.
The company plans to use the proceeds from the offering to repay loans under its existing revolving credit facility, which will be concurrently amended to reduce permitted borrowings under the credit facility from $500 million to $350 million and to otherwise permit issuance of the senior notes.
Concord, North Carolina-based Speedway Motorsports is a marketer and promoter of motorsports entertainment in the United States. The company, through its subsidiaries, owns and operates Atlanta Motor Speedway, Bristol Motor Speedway, Infineon Raceway, Kentucky Speedway, Las Vegas Motor Speedway, Lowe's Motor Speedway, New Hampshire Motor Speedway and Texas Motor Speedway.
The company provides souvenir merchandising services through its SMI Properties subsidiary, manufactures and distributes smaller-scale, modified racing cars and parts through its 600 Racing subsidiary and produces and broadcasts syndicated motorsports programming to radio stations nationwide through its proprietary radio network, Performance Racing Network.
The company also equally owns Motorsports Authentics, a joint venture formed with International Speedway Corp. to produce, market and sell licensed motorsports merchandise.
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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
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