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.
- Neal suspended five games for kneeing Marchand in the head 92
- Report: Dion Phaneuf will face hearing for hit on Kevan Miller 92
- Bruins coach admits Thornton crossed the line, slams Pens for not being ‘truthful’ 103
- Lecavalier out 3-4 weeks with non-displaced fracture in back 8
- Islanders players hold closed-door meeting after ninth straight loss 14
- Penguins’ Neal has phone hearing for knee on Bruins’ Marchand 89
- Shawn Thornton confirms hearing with NHL Department of Player Safety (Updated) 87
- Video: Penguins’ Neal knees Bruins’ Marchand 69
- Penguins announce Brooks Orpik ‘alert and conscious’ (Updated) 47
- Shawn Thornton: ‘People could probably criticize that I’m a little too honorable’ 78
- Video: Penguins’ Orpik stretchered off ice; Bruins’ Thornton given match penalty (180)
- Pens put Orpik on IR (119)
- Bruins coach admits Thornton crossed the line, slams Pens for not being ‘truthful’ (103)
- Neal suspended five games for kneeing Marchand in the head (94)
- Report: Dion Phaneuf will face hearing for hit on Kevan Miller (93)