CONCORD, N.C. -- Speedway Motorsports Inc. has commenced a cash tender offer and consent solicitation for any and all of its outstanding 6¾ percent Senior Subordinated Notes due 2013.

Holders who validly tender their notes will be deemed to have consented to the proposed amendments to the indenture governing the notes. The offer will expire at midnight on Feb. 16, unless extended or earlier terminated.

Holders who validly tender their notes and provide their consents to the proposed amendments to the indenture governing the notes prior to the consent payment deadline of 5 p.m. on Feb. 2, unless extended, shall receive the total consideration equal to $1,013.75 per $1,000 principal amount of the notes, which includes a consent payment of $13.75 per $1,000 principal amount of the notes, plus any accrued and unpaid interest on the notes up to, but not including, the payment date for such notes.

Holders who validly tender their notes after the consent payment deadline but on or prior to the expiration date shall receive the tender offer consideration equal to $1,000 per $1,000 principal amount of the notes, plus any accrued and unpaid interest on the notes up to, but not including, the payment date for such notes. Holders of notes tendered after the consent payment deadline will not receive a consent payment.

Following receipt of the consent of the holders of at least a majority in aggregate principal amount of the outstanding notes and the consent payment deadline, the company will execute a supplemental indenture effecting the proposed amendments.