US Open Stadium Seeks $400 Million Private Debt for Revamp Plans

The United States Tennis Association is in talks with institutional investors to borrow at least $400 million of private credit to refurbish New York’s Arthur Ashe Stadium.

The debt will have multiple tenors with an average maturity of 17 years, and a prospective investment grade rating of single A-, people with knowledge of the matter said, requesting anonymity because the discussions are private.

A representative for USTA did not respond to a request for comment.

The USTA is seeking to overhaul the Billie Jean King National Tennis Center in Flushing Meadows. The plans include adding about 2,000 seats to the ...