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  • FLEET FINANCIAL GROUP ARRANGES $405M IN FINANCING FOR MLB

              Fleet Financial Group announced it has arranged $405M
         in financing for MLB.  The credit facility will be used by
         participating MLB teams to refinance existing debt and for
         general corporate purposes.  The credit facility, arranged
         by Fleet's Sports Lending Group and funded by Fleet's Blue
         Keel Funding LLC, enables participating MLB clubs to access
         the commercial paper market through the securitization of
         certain shared revenues, including those from national media
         contracts and licensing and sponsorship.  A group of banks
         led by Fleet National Bank will provide a liquidity facility
         to support the commercial paper issuance (Fleet).  The
         credit agreement with MLB is extended from 2000 to 2005 and
         the amount that MLB teams can borrow increased from $250M
         under the previous deal (WALL STREET JOURNAL, 4/28). 
         Fleet's Sports Lending Group's Patrick McAuliffe: "All of
         the leagues, [MLB] included, have certain shared revenue
         sources -- a large portion of them are media revenue.  This
         basically harnesses the revenue flow and makes it available,
         right now" (Gregg Krupa, BOSTON GLOBE, 4/28).  
    
    

    Print | Tags: Finance, Fleet Financial, MLB
  • IS BUCO BRUCE ONLINE IN THE OFFING? GLAZERS BUY TWO WEBZINES

              Zapata Corp., controlled by Bucs Owner Malcolm Glazer
         and his family, "bought two online magazines Monday and
         plans to buy more," according to Kris Hundley of the ST.
         PETERSBURG TIMES.  TX-based Zapata has acquired Word and
         Charged online magazines from NJ-based Icon CMT Corp, which
         had suspended publication of the magazines in March.  Word
         was one of the Internet's first magazines, focusing on life,
         work and social issues.  Charged was devoted to extreme
         sports like skateboarding and rock-climbing.  With the
         companies new focus on the Web, Zapata also announced it is
         changing its name to Zap Corp. (ST. PETERSBURG TIMES, 4/28).
    
    

    Print | Tags: Finance, Tampa Bay Buccaneers
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