Dover Motorsports (DVD) to Sell Nashville Superspeedway to Panattoni for $27.5M
- Wall St. lower as earnings from some big names disappoint
- Unusual 11 Mid-Day Movers 10/25: (CWEI) (NXTD) (EYES) Higher; (DPRX) (CRBP) (CALA) Lower (more...)
- General Motors (GM) Tops Q3 EPS by 28c
- Procter & Gamble (PG) Tops Q1 EPS by 5c
- DuPont (DD) Tops Q3 EPS by 14c; Boosts FY16 EPS Outlook; Says Continuing to Work with Regulators
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Dover Motorsports, Inc. (NYSE: DVD) announced that it has entered into a definitive agreement to sell its Nashville Superspeedway facility to an entity owned by Panattoni Development Company, an international commercial real estate development company specializing in industrial, office and build-to-suit projects.
Under the terms of the agreement, Dover Motorsports and its wholly-owned subsidiary, Nashville Speedway U.S.A., Inc., will sell the Nashville Superspeedway facility along with some related equipment and assets for $27.5 million in cash and the assumption by the purchaser of obligations of Dover Motorsports under certain Variable Rate Tax Exempt Infrastructure Revenue Bonds.
The Bonds are the obligation of the Sports Authority of the County of Wilson, Tennessee and were issued by the Sports Authority in 1999 in order to build certain infrastructure improvements benefiting the speedway. Debt service on the Bonds, which have a remaining principal balance of $17,200,000, is payable from property and sales taxes generated by the facility. Principal and interest on the Bonds are secured by a letter of credit provided by Dover Motorsports which will be replaced by a letter of credit provided by the purchaser.
Closing is subject to customary due diligence and closing conditions, including zoning approvals, and is anticipated to take place in the first quarter of 2017.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Energy Transfer Partners (ETP) to Acquire PennTex Development (PTXP)
- Community Bank System (CBU) to Acquire Merchants Bancshares (MBVT) in ~$304M Deal
- Clear Channel Outdoor Holdings (CCO) Announces A$268.4M Sale of Adshel
Create E-mail Alert Related CategoriesCorporate News, Mergers and Acquisitions, Spinoffs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!