JAZZ OWNER PUTS TEAM UP AS COLLATERAL TO RETIRE DEBT

     Jazz Owner Larry Miller has put the team up as collateral to
back the sale of $55M worth of bonds, according to the DESERET
NEWS.  The funds will go to refinance debt Miller incurred in
building the 21,000-seat Delta Center.  When Miller sought funds
for a new arena four years ago, terms from lenders were not as
"attractive" as they are now.  Larry Miller Arena Corp. formed a
joint venture with Sumitomo Corp. and Obiyashi Corp. to build the
arena, with Miller's company selling short-term floating-rate
debt for funding.  Miller's current private sale of $55M in bonds
to investors was slated to pay off shorter-term debt on the arena
that was callable in '97.  Morgan Stanley & Co. has had little
trouble selling the bonds because of the success of the Jazz at
the Delta Center, and Miller hopes to have the bond debt paid off
in 16 years (BLOOMBERG BUSINESS NEWS/DESERET NEWS, 12/16).