Barclays Center Sells almost $50 Million in Tickets in Six Months, Decides Devaluation is a Mistake
While searching around the Municipal Bond Database (as is our wont)The Observer stumbled upon the quarterly cash receipts of ArenaCo, subsidiary of Forest City Ratner Corporation and the owner operator of Barclays Center. The reports revealed a whopping $46,866,337.14 in sales from tickets, suites and sponsor installments between April 1st, 2012 and September 30th, 2012.
All of which amounts to just a drop in the bucket of the total $510,999,996.50 PILOT Revenue Bond issue currently being paid off by ArenaCo in payments in lieu of taxes to the city or state. This is good news for the bond holders, who presumably need all the help they can get. After all, their bond holdings are currently being given a BBB- rating, the lowest rating a bond issue can have while still being considered investment grade and one which ranks Arena Co and Barclays Center in the same investment strata as the Puerto Rico Aqueduct and Sewer Authority. Read More
