Tuesday, May 11, 2004
Yanks to Borrow $225 Million
No, not to finance midseason acquisitions -- to refinance debt from the now-dissolving YankeeNets partnership at a lower rate.
According to Bloomberg News, the refinancing will include a $50 million letter of credit and a $175 million term loan that's expected to be syndicated to investors at about 3.75%. The loan will primarily be secured by the assets of the YES Network, with the club itself providing additional collateral.
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No, not to finance midseason acquisitions -- to refinance debt from the now-dissolving YankeeNets partnership at a lower rate.
According to Bloomberg News, the refinancing will include a $50 million letter of credit and a $175 million term loan that's expected to be syndicated to investors at about 3.75%. The loan will primarily be secured by the assets of the YES Network, with the club itself providing additional collateral.
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