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Volume 24 No. 158

Finance

          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).  

          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).