FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 5, 1999
INTERNATIONAL SPEEDWAY CORPORATION
(Exact name of registrant as specified in its charter)
FLORIDA O-2384 59-0709342
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1801 WEST INTERNATIONAL SPEEDWAY BOULEVARD, DAYTONA BEACH, FLORIDA 32114
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (904) 254-2700
No Change
(Former name or address, if changed since last report)
Item 5. Other Events.
The Company announced that it has entered into a definitive commitment to
finance the pending merger of Penske Motorsports, Inc. ("PMI") with First
Union Capital Markets Corp. ("First Union"). The transaction is structured as
a $300 million fully-underwritten five-year revolving credit facility to be
syndicated to a select group of lenders. First Union will act as the
administrative agent for this credit facility, which is expected to close in
the next 30 days.
First Union's credit facility will replace both International Speedway's
existing $100 million facility and refinance outstanding borrowings under
PMI's revolver at closing.
In addition to financing the pending merger, proceeds of the new credit
facility will be used for working capital and general corporate purposes.
Pricing on the credit facility will be between LIBOR + 0.50% and LIBOR +
1.00%, based on a leverage ratio of consolidated funded debt to consolidated
EBITDA.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit
Number Description of Exhibit Filing Status
1. (99.1) Press Release announcing commitment filed herewith
for credit facility
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
INTERNATIONAL SPEEDWAY CORPORATION
(Registrant)
Date: 7/1/99 /s/ James C. France
_____________ __________________________________
James C. France, President
Date: 7/1/99 /s/ Susan G. Schandel
_____________ __________________________________
Susan G. Schandel,
Chief Financial Officer
FOR IMMEDIATE RELEASE
INTERNATIONAL SPEEDWAY SETS MERGER FINANCING
DAYTONA BEACH, FLORIDA - July 1, 1999 - International
Speedway Corporation ("ISC") (Nasdaq/NM: ISCA; OTC Bulletin
Board: ISCB) today announced that it has entered into a
definitive commitment to finance the pending merger of Penske
Motorsports, Inc. ("PMI") with First Union Capital Markets Corp.
("First Union"). The transaction is structured as a $300 million
fully-underwritten five-year revolving credit facility to be
syndicated to a select group of lenders. First Union will act as
the administrative agent for this credit facility, which is
expected to close in the next 30 days.
First Union's credit facility will replace both
International Speedway's existing $100 million facility and
refinance outstanding borrowings under PMI's revolver at closing.
In addition to financing the pending merger, proceeds of the
new credit facility will be used for working capital and general
corporate purposes. Pricing on the credit facility will be
between LIBOR + 0.50% and LIBOR + 1.00%, based on a leverage
ratio of consolidated funded debt to consolidated 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, and an approximate 12% holding in Penske
Motorsports, Inc. 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.
Statements made in this release that state the Company's or
management's beliefs or expectations and which are not historical
facts or which apply prospectively are forward-looking
statements. It is important to note that the Company's actual
results could differ materially from those contained in or
implied by such forward looking statements. Additional
information concerning factors that could cause actual results to
differ materially from those in the forward looking statements is
contained from time to time in the Company's SEC filings
including but not limited to the 10-K and subsequent 10-Q's.
Copies of those filings are available from the Company and the
SEC.
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