Welcome

Yankees Parking Garage Bonds Jump After Restructuring Deal

June 8, 2021, 2:35 PM

Municipal bonds issued to build parking garages at the new Yankee Stadium traded in blocks at 82 cents on the dollar Monday, almost 70% higher than last month, after a preliminary agreement to restructure the defaulted bonds was disclosed last week.

  • $7.4m of bonds issued by Bronx Parking Develop Corp. with two different maturities traded, according to MSRB data
  • New York City, majority bondholder Nuveen LLC and the New York Yankees disclosed the tentative deal on June 1 to resolve the long-running default on $238m bonds issued in 2007
  • Bondholders will get $46.3m and retain three parking garages and three ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.