Louisiana May Refinance Superdome Debt, Pay $95 Million
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Louisiana, one of the poorest U.S. states, may move to pay a $95 million penalty to refinance debt taken on to renovate the Mercedes-Benz Superdome, home of the National Football League’s New Orleans Saints.
The State Bond Commission will weigh a request this week from the agency that owns the Superdome for initial approval to refinance $294 million of securities. The deal would trigger the penalty to unwind related interest-rate swap agreements with Bank of America Corp., which would get the payment.