Jul 17, 2013, 4:17 PM EST
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.
- Canada enters World Juniors as 11/10 favorite; USA next at 9/4 0
- Devils fire DeBoer 15
- More mumps: Downie and Greiss test positive 2
- Orpik reflects on ‘outside pressure’ in Pittsburgh 16
- Canada tabs Fucale for WJC opener 0
- PHT’s top 14 of ’14: Ovechkin’s great big year of disappointment 9
- PHT’s top 14 of ’14: Kings win Cup, Martinez the OT hero 0
- Welcome to PHT’s top 14 stories for 2014 0
- Scott suspended four games for punch that was ‘neither predictable, nor acceptable’ 23
- Sharks’ Scott has hearing for his punch to Jackman 30
- Sabres aren’t happy with league’s decision regarding Bartkowski (76)
- Report: NHL won’t hold hearing for Bartkowski hit (55)
- Video: Bartkowski delivers controversial hit to Gionta, fights Foligno (47)
- Could Malkin be the next player to be fined for diving? (43)
- Panthers hold off Penguins for shootout win (42)