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February 9, 2010
Nets subordinated bonds back on
Project Finance
The sponsors of the proposed Nets basketball arena in Brooklyn, New York are making a second attempt to launch the project's subordinate debt to market. Forest City Ratner and the Onexim Group are looking for buyers for $106 million in bonds, down from an earlier proposed $150 million.
According to a source familiar with the transaction, the reason for the relaunched issue is that Onexim would prefer not to buy the subordinated bonds. However, the source said that no sale of the subordinated debt has yet happened....
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NoLandGrab: Don't everyone jump on this wonderful issue at once. Mikhail Prokhorov isn't, apparently, and he's allegedly Russia's richest man.
Posted by eric at February 9, 2010 10:58 PM