Donington unveils funding plans
Donington Park has launched the financial scheme which it intends to fund much of the massive revamp it is carrying out in preparation for hosting the British Grand Prix
The Leicestershire circuit has secured the rights to hold the race for 17 years from 2010, but must first complete a comprehensive rebuild of its facilities.
"Donington Holdings Plc, the parent company of Donington Ventures Leisure Limited that operates the Donington Park motor racing circuit, has launched an offering of £135,000,000 aggregate principal amount of first priority senior secured notes due 2016," said a statement from the circuit.
"The Notes are expected to be issued at a discount to the principal amount thereof. Purchasers of Notes will also be able to subscribe for warrants for no additional consideration.
"The offering of the Notes and the Warrants is being made solely by means of a confidential offering memorandum.
"The net proceeds of the offering of Notes, together with a concurrent offering of preference shares, will be used in large part to fund the redevelopment of Donington Park in preparation for the hosting of the Formula One British Grand Prix in 2010."
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