The Nets arena holding company is offering $106 million in bonds at 11% interest to fill the final gap needed to finance Barclays Center. Initially, it was reported Mikhail Prokhorov would buy the bonds. Now it seems he wants to see if there's a market for them elsewhere. If not, he's expected to purchase them. Since Prokhorov will own 45% of the arena, he would, in effect, be paying interest to himself.
- Nets Subordinated Bonds Back On - Project Finance
- Brooklyn Arena Holding Company's $106 Million Senior Secured Notes Rated Preliminary 'B' - Standard & Poor's