Cowboys Refinance $435M Worth Of Debt For New $1.1B Stadium
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Jerry Jones Says Cowboys In Talks With One
Company For Possible Naming-Rights Deal |
Cowboys Owner Jerry Jones Thursday said that the team has refinanced about $435M worth of debt for their new $1.1B Arlington stadium "despite the troubled bond market," according to Jeff Mosier of the DALLAS MORNING NEWS. The old debt had a "variable rate, which has been a problem as the credit crisis caused some bond rates to fluctuate wildly this year." Jones said that the "new fixed interest rate is below" 5%. Bond issuances of that size have been "uncommon recently as corporations and state and local governments have found it harder to sell bonds." Jones: "It's quite a compliment to us because there just haven't been any of those kinds of sizable financings done." Jones said that this is "essentially replacing the structure of the original debt for the stadium." Mosier notes the announcement came two days after the city of Arlington revealed that it was able to refinance $104.3M worth of stadium bonds, which were at a "varying synthetic fixed rate." The total cost of the city's "share of the stadium bond debt, including interest, is expected to be $502.9[M]." That is about $44M "more than the city initially expected." The new projection also is $26.5M "more than the city would have paid had it sold all the bonds at a true fixed rate in the beginning instead of selling some at a synthetic fixed rate" (DALLAS MORNING NEWS, 12/5).
NAME GAME: Jones said that there is "one company that the team is in negotiations with to name the stadium." However, due to the recession, Jones said that "now is not the right time to announce any sort of deal." Jones: "The fact that it is not done probably you could address to the recession and the fact that it's at this stage and we haven't announced it. It might not be the time for them to be doing a naming rights. We are being sensitive to the economy and, yes, there is someone in particular." Jones "did say that a name could possibly be announced in the next few months" (FT. WORTH STAR-TELEGRAM, 12/5).
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