67°
Baton Rouge, Louisiana
3 Day Outlook
Sat
85°
73°
50%
Sun
87°
74°
30%
Mon
85°
73°
60%

Latest Weather Blog

Follow our weather team on social media

Louisiana to pay $108M to end Superdome bond deal

2 years ago January 17, 2013 Jan 17, 2013 Thursday, January 17 2013 Thursday, January 17, 2013 10:44:57 AM EST in News
Source: Associated Press

BATON ROUGE - Louisiana is paying $108 million to get out of a deal that helped rebuild and upgrade the Superdome in New Orleans after Hurricane Katrina, but that exploded in interest costs.

The State Bond Commission received the final details Thursday of the debt refinancing for the Louisiana Stadium and Exposition District that includes the termination payment to end the previous arrangement.

The LSED is borrowing $361 million to restructure the bond deal from 2006 that became saddled with problems as part of the credit crunch and financial downturn two years after the deal was struck.

The $108 million termination penalty will be rolled into the refinanced borrowing and paid off over decades with the rest of the debt. The arrangement also ends litigation with Merrill Lynch over the previous arrangement.

More News

comments powered by Disqus

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
5 Days
Radar
Today
AM Clouds / PM Sun
85°
69°
Sat
PM T-Storms
85°
73°
Sun
Isolated T-Storms
87°
74°
Mon
Scattered T-Storms
85°
73°
Tue
Scattered T-Storms
83°
72°