New Jersey to Sell Taxable Bonds for Stadium Complex
20/09/2007 |
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The New Jersey Sports & Exposition Authority's board today approved the sale of as much as $225 million of taxable bonds to replace tax-exempt debt used for construction of the Giants Stadium complex in East Rutherford.
The transaction comes as construction begins on a new stadium for the New York Giants and the New York Jets football teams. Joseph Consolazio, the authority's chief financial officer and vice president for finance, said he expects about $200 million of debt will be sold in early November.
Consolazio said the authority hasn't decided which bonds to replace. It would be for debt sold from 1992 to 2005, paying interest rates of 4 to 6.7 percent, he said.
All of the tax-exempt bonds to be refunded are for parts of the complex that will now be privately used including parking lots, Consolazio said in an e-mail. Both the bonds being called and the new debt are backed by state appropriations.
The transaction may cost as much as $30 million, and Consolazio said that figure may decline to about $20 million. Goldman Sachs Group Inc. is the underwriter for the transaction. Newark-based McManimon & Scotland LLC is bond counsel.
(Source: Bloomberg.com)
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