Louisville Arena Authority To Issue Bonds In July For New Arena
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Louisville Arena Authority To Issue Bonds
Next Month To Help Pay For Downtown Arena |
The Louisville Arena Authority (LAA) "expects to have the money to pay for a downtown arena by the middle of next month, completing a financial deal more than a year in the making," according to Marcus Green of the Louisville COURIER-JOURNAL. Underwriter Goldman Sachs said that "about $360[M] in bonds would be sold the week of July 14." Goldman Sachs VP/Public Sector & Infrastructure Banking Tom Rousakis added that "based on current market conditions, the principal and interest on the bonds would be about $599[M]." LAA Chair Jim Host: "We'll have our money the week of the 14th of July, just in time to continue the process on time as agreed and have it open in November of 2010." LAA said that PNC is the "lead bank in the syndicate, which also includes BB&T, Central Bank, Chase, Fifth Third, National City, Old National, Stock Yards Bank & Trust and U.S. Bank." PNC Financial Services Group VP/External Affairs Brian Goerke said that Goldman Sachs selected PNC "through a competitive process." Meanwhile, architects yesterday "unveiled final renderings of a public plaza planned along Main Street near the venue's entrance and new views of the building's interior." The new arena designs show the plaza "anchored by a multicolored lighted foundation and an interior that includes a 14,000-square-foot lobby with terrazzo floors" (Louisville COURIER-JOURNAL, 6/24).
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Oregon Sells $200M In Bonds To Fund
Construction Of New Basketball Arena |
OREGON: In Portland, Rachel Bachman writes Oregon state officials last Wednesday sold $200M in bonds "to fund design and construction" of a new basketball arena for the Univ. of Oregon (UO). UO took on annual payments of $14.515M on the bonds. It also has an annual payment of $1.835M for the land on which the arena sits, and $500,000 for the bonded portion of an $18M parking garage to be built for the arena. Total annual debt service for the project is $16.85M, "about $900,000 less than recent projections, as officials locked in a rate of 5.88[%] on the 30-year, taxable bonds." The school "plans to pay back the bonds using arena revenues and portions of an athletic-department legacy fund launched with" a $100M pledge from Nike Chair Phil Knight (Portland OREGONIAN, 6/24).
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