NHL Said to More Than Double Credit to $1.4 BillionScott Soshnick
The National Hockey League closed a $1.4 billion credit facility, which is more than double the previous amount, according to a person with direct knowledge of the matter.
The person requested anonymity because the league didn’t disclose the lending pool, which was led and structured by Citigroup Inc. and closed yesterday. The facility includes 20 banks and 20 investors, the person said.
NHL spokesman Frank Brown and Citi spokeswoman Natalie Marin declined to comment on the facility.
Among the 11 teams that tapped the facility are the Stanley Cup champion Los Angeles Kings, Chicago Blackhawks and New Jersey Devils, the person said, adding that three so-called parking spots are being reserved for other potential borrowers.
Professional sports leagues create loan pools by using collateral such as national broadcast contracts to secure credit at better terms than most teams could individually.
The NHL in November 2013 signed a 12-year, $5.2 billion Canadian broadcast contract with Rogers Communications Inc., the largest in league history.
The existing $600 million credit facility was secured in July of last year.