The Real Deal New York

Prokhorov to refinance Barclays Center with $480M bond deal

Russian billionaire bought Forest City Ratner’s stake in arena in December

August 10, 2016 04:30PM

The Barclays Center and Mikhail Prokhorov

The Barclays Center and Mikhail Prokhorov

Russian billionaire Mikhail Prokhorov issued $480 million in municipal bonds to refinance the Barclays Center.

The bonds on the Brooklyn sports arena carry an interest rate of up to 8 percent. The owners estimate it will save $6 million in interest payments compared to the original debt, which was issued in 2009.

Prokhorov, who is worth about $10 billion, owns the Brooklyn Nets, which play at Barclays Center. In December, he bought Forest City Ratner’s TRData LogoTINY stake in the arena, valuing it at $825 million.

Hockey franchise the New York Islanders, which also plays at Barclays Center, recently began talks with Sterling Equities to build an arena in Queens.  [Bloomberg] – Konrad Putzier

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