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Debt On KFC Yum Center Nearing $30M, But Reasons For Optimism

The KFC Yum Center is $28.5M "deeper in debt than it was when it opened" in '10, and, "nonetheless, on firmer financial footing," according to Tim Sullivan of the Louisville COURIER-JOURNAL. In '17, the Louisville Arena Authority "successfully squeezed larger commitments from the Metro Council and the University of Louisville and restructured its bond deal to add five years to its payment schedule while eliminating the daunting front-loaded debt service negotiated" in '08. The arena’s "outstanding principal is now $377,765,000, as compared with $349,218,518" in '10. While the arena’s "amortization has been running in reverse" and its revenues have been "dramatically reduced during the past year because of the COVID-19 pandemic, its long-term outlook has improved." Though the revised deal "could add as much as $102.8 million to total debt service if the bonds are not retired early, the Kentucky Economic Development Finance Authority estimated lower interest rates will result in a net savings of $23.2 million in 2017 dollars" (Louisville COURIER-JOURNAL, 1/20).

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