New York Yankees baseball team to refinance $1 billion of stadium debt

Yankee Stadium LLC would save money in the current low-interest rate environment by refinancing about $1.2 billion of old outstanding debt issued in 2006 and 2009, when the stadium opened. The stadium refinancing was contained in a notice of a Sept. 15 public hearing by the New York City Industrial Development Agency (NYCIDA), an arm of the city's economic development corporation that acts as a conduit issuer for private firms to borrow on the tax-exempt municipal bond market. The approximately 1.3 million square foot Yankees Stadium is owned by NYCIDA, subject to a long-term lease from the city of New York, but was built by the company.

Continue reading...