NFL Giants Redeeming $100M In Auction-Rate Bonds For Stadium
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Giants Redeeming $100M Of The $650M
In Auction-Rate Bonds For New Stadium |
The NFL Giants are "redeeming $100[M] of the $650[M] in auction-rate bonds, with interest costs as high as 22[%], sold to help finance" the new stadium in East Rutherford, New Jersey, that the team will share with the Jets, according to Kuriloff & McDonald of BLOOMBERG NEWS. Giants Stadium LLC, an entity controlled by the team, yesterday notified bondholders that it "will redeem the debt, one of seven series of bonds sold last year for the stadium." Bloomberg data indicates Jets Stadium Development LLC also "borrowed $650[M] for the new facility, including auction debt." A source said that the Giants are paying 22% interest on $53M of the $650M in stadium bonds "after a monthly auction of the debt failed to attract enough bidders on March 24." The source added that the Giants are paying 11.5% on another $70.85M in bonds "successfully auctioned on March 24." Kuriloff & McDonald noted when there "aren't enough bidders, a 'penalty' interest rate is calculated according to terms specified when the bonds were originally brought to market." The Giants' bonds mature in 2029, 2037 and 2047 with "interest rates that reset at monthly auctions." Goldman Sachs Group and Lehman Brothers Holdings were the investment bankers (BLOOMBERG NEWS, 4/15).
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