August 30, 2016
The New York Yankees will be refinancing the $1 billion in bonds issued to build its new stadium, which opened in the Bronx in 2009. The team’s plan is to refinance tax-exempt debt issued in 2006 and 2009. Media sources say the team could save at least $10 million a year in interest through the refinance.
Though the Yankees are second-to-last place in their division, Baseball-Reference.com indicated the team ranks a strong second in attendance of the 15 American League teams. Moody’s Investor Service, in the meantime, raised the bond rating to Baa3, citing the area’s resiliency.
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