Dolphins strike $235M stadium debt refinancing deal

The Miami Dolphins have refinanced $235 million in stadium debt with a hefty credit reserve in order to protect against the possibility of a lost season next year. The refinancing deal, which Ron Katz, an advisor to Dolphins owner and Related Companies head Stephen Ross, confirmed to the South Florida Business Journal, included a $159 million line of credit that backs taxable municipal bonds, plus another $76 million in municipal bonds. It was arranged by Goldman Sachs. Sun Life Stadium opened in 1985 with $90 million in bond sales.