Yankees seek $900M refi for stadium

Bronx Bombers shelved refinancing plan 3 years ago when rates spiked

New York /
Nov.November 27, 2019 04:45 PM
Yankee Stadium at 1 East 161 Street in the Bronx (Credit: iStock)

Yankee Stadium at 1 East 161 Street in the Bronx (Credit: iStock)

The Yankees may have found their sweet spot, at least when it comes to interest rates.

The Bronx Bombers are asking the New York City Industrial Development Agency to issue $900 million worth of tax-exempt bonds so the team can refinance bonds it used to build its 1.3 million-square-foot stadium.

The IDA will take up the application at its December meeting.

Representatives for the Yankees and the IDA could not be immediately reached for comment.

The Yankees had sought to refinance the debt back in 2016 with a $1 billion bond issuance. But soon after they filed their application in August of that year, Donald Trump’s election sent U.S. Treasury rates skyrocketing on fears his economic policies could feed inflation.

That made the cost of refinancing much more expensive. But Treasury rates have plunged this year to near all-time lows, making a refinancing much more attractive.


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