N.Y. Mets Owners Said to Obtain at Least $700 Million in Loans

The owners of the New York Mets obtained at least $700 million in loans to refinance debt, according to a person with knowledge of the matter.

The financing will be used to replace existing credit lines and provide additional funds to the parents of the Major League Baseball team, said the person, who asked not to be identified because the information wasn’t public.

A spokeswoman for the Mets, Danielle Parillo, declined to comment.

The financing comes after Standard & Poor’s cut the ratings of the debt used to finance a stadium in Queens, New York, where the team plays. S&P lowered the grade of Queens Ballpark Company LLC by one level to BB on Dec. 21.