CONCORD, N.C., March 19 /PRNewswire-FirstCall/ -- Speedway Motorsports, Inc. (NYSE: TRK) today announced the redemption of all outstanding 53/4% Convertible Subordinated Debentures due 2003, representing $74,000,000 in aggregate principal amount including those held by the Company. The Redemption Date is April 19, 2002, and the Redemption Price is 101.64%. On the Redemption Date, the Redemption Price will become due and payable upon each outstanding Debenture and interest thereon will cease to accrue on and after the Redemption Date upon payment of the Redemption Price by Speedway Motorsports.
Debentures should be surrendered for payment of the Redemption Price, together with the payment of accrued interest to the Redemption Date, to the Trustee for the Debentures as follows: First Union Customer Information Center, ATTN: Redemptions, 1525 West W.T. Harris Blvd., 3C3, Charlotte, NC 28288-1153.
Pursuant to the Indenture governing the Debentures, the holders of registered Debentures have the right to convert their Debentures to shares of common stock of Speedway Motorsports. The unit of conversion is $1,000 or an integral multiple thereof and the conversion price is $31.11. The right to convert will terminate at the close of business on April 16, 2002. Until that time, registered Debentures accompanied by a written notice to Speedway Motorsports in the form provided in the Debentures may be surrendered for conversion to First Union National Bank, as Trustee, c/o DTC, 55 Water Street, Ground Floor, New York, New York 10041.
Speedway Motorsports is a leading marketer and promoter of Motorsports entertainment in the United States. The Company owns and operates the following premier facilities: Atlanta Motor Speedway, Bristol Motor Speedway, Lowe's Motor Speedway at Charlotte, Las Vegas Motor Speedway, Sears Point Raceway and Texas Motor Speedway. The Company provides event souvenir merchandising services through its Finish Line Events subsidiary, and manufactures and distributes smaller-scale, modified racing cars through its 600 racing subsidiary. The Company also owns Performance Racing Network which broadcasts syndicated motorsports programming to over 750 stations nationwide. For more information, visit the Company's Website at www.gospeedway.com.
SOURCE Speedway Motorsports, Inc.
Web site: http: //www.gospeedway.com
CONTACT: Lauri Wilks of Speedway Motorsports, Inc., +1-704-455-3239