(Bloomberg) -- Racing circuit Formula 1 has decided to refinance a $1.7 billion loan alongside efforts to raise $850 million for its parent’s pending acquisition of MotoGP World Championship.

The refinancing plan, unveiled Friday, has resulted in lender commitments now being due Sept. 10, according to a person familiar with the matter who asked not to be identified as they’re not authorized to speak publicly. They were due Friday for the $850 million deal. Price talk is unchanged, at 200 basis points over the Secured Overnight Financing Rate and offered at 99.5 cents to 99.75 cents on the dollar, the person said.

The loan to be refinanced would be extended about 20 months to September 2031. It was repriced last September at a spread of 225 basis points.

Lead bank Goldman Sachs Group Inc. declined to comment. Representatives from Liberty Media Corp., Formula 1’s owner, did not immediately respond. 

There have been several instances this year, including by AssuredPartners Inc., of firms coming to market for a leveraged loan and then subsequently adding plans to refinance or reprice other debt as financing costs have dropped.

Some $30 billion of deals have launched this week, following an August drought caused in part by the global market tumult that started the month. But activity was expected to rebound in September, with financings for acquisitions announced earlier this year anticipated to hit the market.

Liberty Media announced in April that it would buy the motorcycle racing league in a $3.8 billion transaction to be funded by cash and stock. A 2024 closing has been targeted. 

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