El Paso Ballpark-Bond Delay Costs $17 Million Extra: Muni Credit
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El Paso, Texas, which is cutting police overtime and holding some jobs vacant, will have to spend an extra $17 million on bonds to finance a minor-league baseball stadium after an initial attempt to sell the debt failed.
Goldman Sachs Group Inc. took over marketing of the debt this month after the mayor said Morgan Stanley couldn’t find buyers when interest rates were lower in June and July. The delay, during a period when local-debt yields reached the highest since 2011, means higher interest costs for the municipality of about 673,000 across the Rio Grande from Mexico, William Studer Jr., deputy city manager, said in an interview.