Atlanta Falcons Complete Financing A Year Early On $1.5B Stadium
The Atlanta Falcons just closed financing on their new $1.5B stadium a year ahead of schedule, restructuring into long-term debt much earlier than planned.
Funding includes $200M of public money combined with $200M from the NFL, with the remaining $1.1B coming from newly financed debt, seat license sales and equity from team owner Arthur Blank, Bloomberg reports. The stadium is set to open next year.
The parent company of Blank’s business, AMB Sports & Entertainment, restructured an $850M construction loan to help fund the stadium. It converts $566M into 26-year corporate bonds that were privately placed with 18 institutional investors, mostly insurance companies and pension funds.
AMB's CEO Steve Cannon, who heads up all operations and development for the Atlanta Falcolns, will be speaking at Bisnow's Atlanta State of the Market event in October. [Bloomberg]
