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01-21-2013, 02:40 PM
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Stars refinance debt; close book on Hicks era

The Dallas Stars refinanced $95 million, sources said, closing the long book on the troubled history of the debt of Hicks Sports Group.
Not one of the original Hicks Sports lenders came out whole, sources said, and the second lien lenders, representing about $75 million, got nothing back, making the deal one of the worst in sports finance annals.

The Stars deal is a fairly straightforward refinancing. Four banks, led by Bank of America, lent the Stars the money to repay roughly three dozen lenders who held the debt. In addition to Bank of America, HSBC, Comerica and Spanish bank BBVA are part of the new syndicate.
Total Hicks debt was in range of $600mm.

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