CONCORD, N.C.--(BUSINESS WIRE)--June 19, 2003--Speedway
Motorsports, Inc. (NYSE:TRK) announced today that it has completed the
redemption of its $250 million in principal amount 8 1/2% Senior
Subordinated Notes Due 2007. The redemption date was June 15, 2003.
The redemption was funded by the issue of $230 million in
principal amount 6 3/4% Senior Subordinated Notes Due 2013, as well as
borrowing under the Company's credit facility and cash on hand.
"The redemption of the 8 1/2% notes, along with the structure of
our newly closed credit facility and the issuance of the 6 3/4% notes,
provides us with a more efficient capital structure and greater
flexibility," stated William R. Brooks, chief financial officer and
vice president of Speedway Motorsports.
Speedway Motorsports is a leading marketer and promoter of
motorsports entertainment in the United States. The Company owns and
operates the following premiere facilities: Atlanta Motor Speedway,
Bristol Motor Speedway, Infineon Raceway, Las Vegas Motor Speedway,
Lowe's Motor Speedway, and Texas Motor Speedway. The Company provides
souvenir merchandising services through its SMI Properties subsidiary,
and manufactures and distributes smaller-scale racing cars through its
600 Racing subsidiary. The Company also owns Performance Racing
Network which produces, distributes and broadcasts over 450 syndicated
motorsports programs each year to an aggregate nationwide network of
more than 725 radio stations. For more information, visit the
Company's website at www.gospeedway.com.
CONTACT: Speedway Motorsports, Inc. Lauri Wilks or Sarah Ackerman, 704/455-3239
SOURCE: Speedway Motorsports, Inc.