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Report: NHL increases credit facility by $200 million

Jul 17, 2013, 4:17 PM EDT

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In news that will not make you jump up and down in excitement, Bloomberg is reporting that the NHL has increased its credit facility from $400 million to $600 million.

From the report:

The league also received a better rate on the agreement with Citigroup Inc. (C), which was completed last month. The new facility is priced at the London interbank offered rate, or Libor, plus 250 basis points. The previous facility was $400 million at Libor plus 300 basis points.

Professional sports leagues create loan pools by using collateral such as national broadcast contracts to secure credit at better terms than most teams could individually.

It wasn’t reported if the league has any plans for the additional $200 million. Possibly it’s just for a rainy day. (*checks weather forecast in New Jersey*)

The NHL declined to comment on the story.

  1. r4n6er - Jul 17, 2013 at 4:30 PM

    Needed to pay off their Phoenix debt..

  2. ray2013 - Jul 17, 2013 at 5:10 PM

    Why would they extend their credit? I thought this last lockout “resolved” their financial issues?

  3. mrpinkca - Jul 17, 2013 at 5:40 PM

    Rough summer for Devils fans.

    At least they got Schneider.

  4. giantssb42champs - Jul 17, 2013 at 7:28 PM

    To backstop Coyotes operating losses.

  5. tuberippin - Jul 17, 2013 at 10:00 PM

    Way to be NHL. Just keep on pumping that money into markets where the product is unsustainable.

    Did Bettman work for one of those financial behemoths before he became commissioner or something? He sure acts like he did.

    • badintent - Jul 18, 2013 at 2:25 AM

      If he had, the NHL would have gotten $500 million from Bush, then $100 billion from Obama…. all tax payer $$$$. Then the NHL would have given themselves millions in bonuses and had no criminal charges for doing it.

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