Mets complete financing for Citi Field

Updated: January 28, 2009, 9:29 PM ET
Associated Press

NEW YORK -- The New York Mets completed financing for Citi Field on Wednesday by selling $82.28 million in tax-free bonds of up to 37 years at what Citigroup said was an average interest rate of 6.45 percent.

The bonds from Queens Ballpark Co. were rated Baa3 by Moody's and BBB by Standard and Poors. Three years ago, the Mets sold $613 million in 40-year notes at a last yield of 4.57 percent.

Citi Field is scheduled to open with an exhibition game on April 3. The 42,000-seat ballpark cost $800 million.

"The overwhelmingly positive response to today's bond offering reinforces the strength and market confidence in our new ballpark project and Citi's strategic approach in bringing the bonds to market," Mets chief operating officer Jeff Wilpon said in a statement.

On Tuesday, the Yankees sold $259 million in bonds through Goldman Sachs with an average interest rate of 7 percent for the $192 million that carried a 40-year maturity. The bonds were rated Baa3 by Moody's and BBB- by Standard & Poors.

In 2006, the Yankees sold $942 million in bonds at an average interest rate of 4.7 percent.

The new Yankee Stadium, which holds 52,000 fans, has a current price of $1.5 billion and also is scheduled to open with an exhibition game on April 3.


Copyright 2009 by The Associated Press

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