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New York

Prokhorov to refinance Barclays Center with $480M bond deal

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

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.

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Prokhorov, who is worth about $10 billion, owns the Brooklyn Nets, which play at Barclays Center. In December, he bought Forest City Ratner’s [TRDataCustom] 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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Mikhail Prokhorov