By Sheri Kasprzak
New York, Dec. 15 - The Brooklyn Arena Local Development Corp. of New York sold $511 million in series 2009 pilot revenue bonds on Tuesday, according to a statement from real estate company Forest City Enterprises Inc., which sold the bonds for the corporation. The issue was upsized from $500 million.
The bonds (Baa3/BBB/), which are due 2047, have a 6.48% coupon to yield 7%.
Goldman Sachs & Co. and Barclays Capital Inc. were the senior managers.
Proceeds from the sale will be used to fund the construction of the Barclays Center basketball arena at Forest City's Atlantic Yards project in Brooklyn.
| Issuer: | Brooklyn Arena Local Development Corp./Forest City Enterprises Inc.
|
| Issue: | Series 2009 pilot revenue bonds
|
| Amount: | $511 million, upsized from $500 million
|
| Maturity: | 2047
|
| Coupon: | 6.48%
|
| Yield: | 7%
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co., Barclays Capital Inc.
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
| Pricing date: | Dec. 15
|
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