NOTE 7 — LONG-TERM DEBT

Long-term debt consists of the following as of November 30, (in thousands):



	November 30, 2011		November 30, 2012
5.40 percent Senior Notes	$	87,024	$	—
4.63 percent Senior Notes	65,000		65,000
3.95 percent Senior Notes	—		100,000
4.82 percent Revenue Bonds	1,262		970
6.25 percent Term Loan	50,667		50,318
TIF bond debt service funding commitment	62,199		60,644
Revolving Credit Facility	50,000		—
	316,152		276,932
Less: current portion	2,264		2,513
	$	313,888	$	274,419

Schedule of Payments (in thousands)



For the year ending November 30:
2013	$	2,513
2014	2,807
2015	3,436
2016	3,408
2017	3,738
Thereafter	261,681
	277,583
Net premium	(651		)
Total	$	276,932

In March 2012, the Company utilized additional borrowings under its revolving credit facility to redeem and retire all outstanding $87.0 million principal amount of the 5.40 percent Senior Notes, including the payment of a tender premium of approximately $9.0 million and accrued interest. The net tender premium, associated unamortized net deferred financing costs and unamortized original issuance discount were recorded as loss on early redemption of debt totaling approximately $9.1 million.

In January 2011, the Company completed an offering of approximately $65.0 million principal amount of senior unsecured notes in a private placement (“4.63 percent Senior Notes”). These notes, which bear interest at 4.63 percent and are due January 2021, require semi-annual interest payments on January 18 and July 18 through their maturity. The 4.63 percent Senior Notes may be redeemed in whole or in part, at the Company’s option, at any time or from time to time at redemption prices as defined in the indenture. Certain of the Company’s wholly owned domestic subsidiaries are guarantors of the 4.63 percent Senior Notes. The 4.63 percent Senior Notes also contain various restrictive covenants. The associated deferred financing fees are treated as additional interest expense and are being amortized over the life of the 4.63 percent Senior Notes, on a straight-line method, which approximates the effective yield method. At November 30, 2012, outstanding principal on the 4.63 percent Senior Notes was approximately $65.0 million.

In September 2012, the Company completed an offering of approximately $100.0 million principal amount of senior unsecured notes in a private placement (“3.95 percent Senior Notes”). The 3.95 percent Senior Notes bear interest at 3.95 percent and are due September 2024. The 3.95 percent Senior Notes require semi-annual interest payments on March 13 and September 13 through their maturity. The 3.95 percent Senior Notes may be redeemed in whole or in part, at our option, at any time or from time to time at redemption prices as defined in the indenture. Certain of the Company's wholly owned domestic subsidiaries are guarantors of the 3.95 percent Senior Notes. The 3.95 percent Senior Notes also contain various restrictive covenants. The funds received were used to pay down $100.0 million of the outstanding balance on the Company's credit facility. At November 30, 2012, outstanding principal on the 3.95 percent Senior Notes was approximately $100.0 million.

Debt associated with the Company's wholly owned subsidiary, Raceway Associates, LLC, which owns and operates Chicagoland and Route 66 Raceway, consists of Revenue bonds payable (“4.82 percent Revenue Bonds”) consisting of economic development revenue bonds issued by the City of Joliet, Illinois to finance certain land improvements. The 4.82 percent Revenue Bonds have an interest rate of 4.82 percent and a monthly payment of approximately $29,000 principal and interest. At November 30, 2012, outstanding principal on the 4.82 percent Revenue Bonds was approximately $1.0 million.

The term loan (“6.25 percent Term Loan”), related to the construction of the Company’s International Motorsports Center, has a 25 year term due October 2034, an interest rate of 6.25 percent, and a current monthly payment of approximately $292,000 principal and interest. At November 30, 2012, the outstanding principal on the 6.25 percent Term Loan was approximately $50.3 million.

In January 1999, the Unified Government of Wyandotte County/Kansas City, Kansas (“Unified Government”), issued approximately $71.3 million in taxable special obligation revenue (“TIF”) bonds in connection with the financing of construction of Kansas Speedway. At November 30, 2012, outstanding TIF bonds totaled approximately $60.6 million, net of the unamortized discount, which is comprised of a $11.6 million principal amount, 6.15 percent term bond due December 1, 2017 and a $49.7 million principal amount, 6.75 percent term bond due December 1, 2027. The TIF bonds are repaid by the Unified Government with payments made in lieu of property taxes (“Funding Commitment”) by the Company’s wholly owned subsidiary, Kansas Speedway Corporation (“KSC”). Principal (mandatory redemption) payments per the Funding Commitment are payable by KSC on October 1 of each year. The semi-annual interest component of the Funding Commitment is payable on April 1 and October 1 of each year. KSC granted a mortgage and security interest in the Kansas project for its Funding Commitment obligation.

In November 2012, the Company amended and restated its $300.0 million revolving credit facility (“2012 Credit Facility”). The amendment provides better terms and extends the final maturity of the facility from November 2015 to November 2017. The 2012 Credit Facility contains a feature that allows the Company to increase the credit facility to a total of $500.0 million, subject to certain conditions. The 2012 Credit Facility is accrues interest at LIBOR plus 100.0 — 162.5 basis points, depending on the better of its debt rating as determined by specified rating agencies or the Company’s leverage ratio. The 2012 Credit Facility contains various restrictive covenants. At November 30, 2012, the Company had no outstanding borrowings under the 2012 Credit Facility.

At November 30, 2012, the Company has approximately $5.3 million, net of tax, deferred in accumulated other comprehensive loss associated with this interest rate swap which is being amortized as interest expense over life of the 4.63 percent Senior Notes (see above). The Company expects to recognize approximately $0.7 million, net of tax, of this balance during the next 12 months in the consolidated statement of operations.

Total interest expense from continuing operations incurred by the Company was approximately $15.2 million, $14.7 million and $13.5 million for the years ended November 30, 2010, 2011 and 2012, respectively. Total interest capitalized for the years ended November 30, 2010, 2011 and 2012 was approximately $2.2 million, $3.8 million and $3.7 million, respectively.

Financing costs of approximately $4.9 million and $5.0 million, net of accumulated amortization, have been deferred and are included in other assets at November 30, 2011 and 2012, respectively. These costs are being amortized on a straight line method, which approximates the effective yield method, over the life of the related financing.