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
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 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