Jun 29, 2009 5:59 pm US/Central
Twins Transfer $4 Million To Target Field Fund
NEW YORK (AP) ―
The Minnesota Twins moved $4 million into a debt service fund for Target Field after a rise in interest rates.
"As part of our financing, we had some variable-rate bonds, and those interest rates have been higher than expected," Twins president Dave St. Peter said Monday. "We have the capacity to have that funded within the confines of our project."
The Twins sold about $210 million in bonds to pay their share of the ballpark, set to open next season at a cost of $535 million.
"Despite the downturn, management sold about 80 percent of the premium seating and 50 percent of the corporate sponsorships under short- to medium-term contracts," Standard & Poor's said in a report Monday. "The project has additional funds from deposits for suites and club seats and from owner capital contributions to fund the interest payments until the project opens, ensuring there is no cash flow shortfall caused by the increased interest costs."
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There will be approximately 40,000 seats in Target Field, with approximately 18,500 infield seats.
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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