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SBD Global/August 26, 2013/Finance

Fund Manager Waddell & Reed Invest In Circuit Of The Americas, Home Of The U.S. F1 GP

The N.Y.-listed fund manager which owns the second-largest stake in F1 "has invested in Circuit of the Americas," the Texas race track which is home to the U.S. Grand Prix, according to Sylt & Reid of the London TELEGRAPH. The move by Waddell & Reed gives F1 closer links to the U.S. where "it is trying to break into the market." Gaining a foothold there "is understood to be an important part of revving up the stalled plans to float F1 on the Singapore stock exchange." Circuit of the Americas "was built bespoke for F1." The 3.4-mile track in Austin, the capital of Texas, cost a reported $300M to build. The circuit "was part-funded with a $90M loan which was taken out in February last year by its parent company Circuit of the Americas LLC." According to recently-filed documents, Waddell & Reed provided $11.8M of the debt which "is due for repayment between 2017 and 2018." Last year Waddell & Reed paid $1.6B for a 20.9% stake "in F1's parent company Delta Topco." The transaction with Circuit of the Americas brings Waddell & Reed's F1-related investments to 7.6% of its net assets. It "is a higher amount than that for any of its other investments" except for gold bullion which accounts for 9% of Waddell & Reed's net assets (TELEGRAPH, 8/25).
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