SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): OCTOBER 8, 1999
INTERNATIONAL SPEEDWAY CORPORATION
(Exact name of registrant as specified in its charter)
FLORIDA
(State or other jurisdiction of incorporation)
0-2384 59-0709342
(Commission File Number) (I.R.S. Employer Identification No.)
1801 WEST INTERNATIONAL SPEEDWAY BLVD.
DAYTONA BEACH, FLORIDA 32114
(Address of principal executive offices) (Zip Code)
(904) 254-2700
(Registrant's telephone number, including area code)
(NOT APPLICABLE)
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS.
On October 8, 1999, International Speedway Corporation (the
"Company") issued a press release announcing the completion of the
previously announced sale of $225 million principal amount of Senior
Notes due 2004 in a private placement. A copy of such press release is
attached hereto as Exhibit 99.1 pursuant to Rule 135c. of the
Securities Act of 1933, as amended, and is incorporated herein by
reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(c) Exhibits
The following Exhibits are provided in accordance with the
provisions of Item 601 of Regulation S-K and are filed herewith unless
otherwise noted.
EXHIBIT INDEX
99.1 Press Release of International Speedway Corporation dated
October 8, 1999.
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 hereunto duly authorized.
INTERNATIONAL SPEEDWAY CORPORATION
Date: October 8, 1999 By: /s/ SUSAN G. SCHANDEL
--------------------------------
Susan G. Schandel
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION
- ------- -----------
99.1 Press Release of International Speedway Corporation dated
October 8, 1999.
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
INTERNATIONAL SPEEDWAY CORPORATION
COMPLETES SALE OF $225 MILLION OF
SENIOR NOTES
DAYTONA BEACH, FLORIDA -- OCTOBER 8, 1999 -- INTERNATIONAL SPEEDWAY
CORPORATION ("ISC") (NASDAQ/NM: ISCA; OTC BULLETIN BOARD: ISCB), announced today
that it has completed the previously announced sale of $225 million principal
amount of Senior Notes due 2004 in a private placement.
The unsecured Senior Notes will bear interest at 7.875%, and will rank
equally with all of the Company's other senior unsecured and unsubordinated
indebtedness, and will mature on October 15, 2004.
The Company used approximately $176 million of the net proceeds from
the transaction to reduce outstanding borrowings under its new revolving credit
facility. The Company incurred such borrowings to finance a portion of its
recent acquisition of Penske Motorsports, Inc. and refinance Penske Motorsports'
outstanding indebtedness. The Company intends to use the remainder of the net
proceeds to partially fund the completion of certain additions and improvements
to its motorsports facilities and for working capital and other general
corporate purposes.
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.
This announcement is neither an offer to sell nor a solicitation of an
offer to buy the Notes.
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 10 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; Darlington
Raceway in South Carolina; North Carolina Speedway in Rockingham, North
Carolina; Watkins Glen International in New York, and Nazareth Speedway in
Pennsylvania. 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
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.
