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GIANTS CHASE DOWN FUNDS FOR A NEW BALLPARK
Published September 10, 1996
Chase Securities Inc., a subsidiary of the Chase Manhattan Corp., was chosen to arrange $140M in financing for a new S.F. Giants ballpark, in what Chase calls "the largest project financing ever" for an MLB team, according to Eric Brazil of the S.F. EXAMINER. Under the deal, Chase "will sign up a number of banks to create" a $140M credit line against which the Giants can draw "until permanent financing is arranged through private placement of long-term securities." The Giants plan to break ground on 42,000-seat Pacific Bell Park in November '97, with opening planned for the 2000 season. Giants President Peter Magowan announced Kajima Int'l will be the project developer and Huber, Hunt and Nichols will be the lead construction firm. Previously, the Giants named HOK Sports Facilities Group as the lead architect. Several "hurdles" remain, including an environmental review process, negotiating a lease for the ballpark site with the Port of San Francisco, and obtaining permits from the State Lands Commission and the Bay Conservation and Development Commission (S.F. EXAMINER, 9/9). The Giants timed their announcement to coincide with a sports financing conference put on by The Bond Buyer, a financial newspaper, according to Edward Epstein of the S.F. CHRONICLE. Speculation from investment bankers at the meeting was that the team would have to "pledge revenues from the sharply increased attendance at the new ballpark to pay off the construction loan" (S.F. CHRONICLE, 9/10).