New Jersey Devils Secure New Financing via CIT Group
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01-03-2013, 02:03 PM
NJ Devils STH
Join Date: Jan 2011
Location: Flemington, NJ
In a news release obtained by The Record, the team states, “The organization believes that its successful refinancing during a work stoppage demonstrates the strength of the Devils franchise and the Prudential Center, enabling it to continue to execute on its business plan.”
From today we now know that Jeff was able to pay off a lot of the team debt, he was able to combine the team and arena debt, and he got a great interest rate.
It's not unusual for a business to operate with large loans that they constantly roll over every 5 years. With the new CBA, the Devils should be pretty profitable and the Arena seems to be doing well for itself too so the loan should get chipped away slowly while being constantly rolled over.
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