Taking a stab at this...
I think the NBA did a line of credit back in the 2003 timeframe. This was the 1.7 billion dollar line of credit with 12 banks. I think this is where the Kings reworked the Sac City loan and basically swapped a higher interest rate debt for the lower interest line of credit debt. This would be the 75 million dollar re-fi that Fireplug unearthed in the city documents.
And again in 2009 the NBA went back and did another 200 million dollar line of credit that about 15 teams shared. The Kings were I assume one of those who tapped into the 13-20 million dollar funds available.
So this makes much more sense. Essentially in 2003 the bond holders swapped from the original deal in 1997 to the NBA arranged banks in May of 2003. So mystery solved!
I think the NBA did a line of credit back in the 2003 timeframe. This was the 1.7 billion dollar line of credit with 12 banks. I think this is where the Kings reworked the Sac City loan and basically swapped a higher interest rate debt for the lower interest line of credit debt. This would be the 75 million dollar re-fi that Fireplug unearthed in the city documents.
And again in 2009 the NBA went back and did another 200 million dollar line of credit that about 15 teams shared. The Kings were I assume one of those who tapped into the 13-20 million dollar funds available.
So this makes much more sense. Essentially in 2003 the bond holders swapped from the original deal in 1997 to the NBA arranged banks in May of 2003. So mystery solved!
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