After winning the Southeast Division in the Eastern Conference, the Washington Capitals were upset in the first round of the NHL playoffs this past season by the New York Rangers in seven games. But the Capitals have scored big on Wall Street. Sources have told me that Ted Leonsis refinanced the debt on his hockey team last month with a $100 million package led by Citigroup C +1.74%. The loan was oversubscribed, meaning more people wanted to buy the debt than was available. And the refinancing was bigger than the previous loan, thereby increasing the amount of debt on the hockey team. Leonsis owns the Capitals, Washington Wizards of the NBA, and the arena the two teams call home, the Verizon Center, through his holding company, Monumental Sports and Entertainment. Leonsis bought the Capitals for $85 million in 1999 and we valued the team at $250 million last November.
Leonsis Refinances Washington Capitals With $100 Million Loan
Forbes.com | Jul 18