HOF Resort & Entertainment Agrees To New Debt Financing, $40M Loan

Hall of Fame Resort & Entertainment, the football-themed resort being built around the Pro Football HOF in Canton, Ohio, has agreed with an affiliate of Aquarian Holdings on a $40M loan that it "will use to repay" a $34.5M "bridge loan," according to Mary Vanac of the CLEVELAND BUSINESS JOURNAL. The remainder of the new debt financing and about $25M in "gross proceeds from a recent equity raise will provide additional working capital to help the company continue construction of Phase II of its emerging resort, among other work." Hall of Fame Resort & Entertainment had "total notes payable" -- including the $34.5M bridge loan -- of $108.1M on Sept. 30. The company, which went public July 1 by "merging with a special-purpose acquisition company," believes it has "sufficient cash and financing commitments to fund its operations over the next year" (BIZJOURNALS.com, 12/2).