Goldman Sachs Group Inc. has been tapped to underwrite a large municipal-bond sale that will finance a $2.1 billion stadium for the National Football League’s Tennessee Titans.
(Bloomberg) — Goldman Sachs Group Inc. has been tapped to underwrite a large municipal-bond sale that will finance a $2.1 billion stadium for the National Football League’s Tennessee Titans.
A local municipal agency in Nashville is planning to sell about $700 million of bonds for the stadium, according to a regulatory filing posted on Thursday that listed Goldman as the underwriter. The exact size of the sale could change and is subject to approval at the agency’s July 20 board meeting.
In April, the Metro Nashville City Council approved the sale of up to $760 million in revenue bonds to fund its contribution for an enclosed stadium with a translucent roof to host the Titans. With a previously approved $500 million state contribution in hand, the public funding for the Titans’ arena totals $1.26 billion.
The municipal-bond market is seeing an uptick of debt sales for sports facilities as teams try to upgrade their facilities or get new homes. Clark County, Nevada, just approved the sale of $120 million in bonds to help fund the construction of a new ballpark for the Oakland A’s baseball team. In April, Florida’s Palm Beach County sold $123 million of bonds to finance renovations at Roger Dean Chevrolet Stadium in Jupiter, the only US ballpark that’s home to four Minor League Baseball teams.
Goldman is serving as senior managing underwriter on the transaction and Hilltop Securities is serving as the financial adviser, according to the filing. The bonds will be backed by a variety of revenue sources, including a new tax on hotel stays and stadium sales tax revenue.
The tax-exempt and taxable bonds have investment-grade credit ratings, the filing said.
Goldman Sachs and Nashville officials did not immediately respond to request for comment.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.