Commission OKs $400M Superdome Bond Restructuring
The State Bond Commission has approved a $400 million restructuring of a troubled bond deal that helped rebuild and upgrade the Superdome after Hurricane Katrina.
The Times-Picayune reports that it includes paying off the $238 million in bonds the state bought in 2008 to get the Louisiana Stadium and Exposition District out of debt, and fees to resolve litigation with Merrill Lynch.
State Treasurer John Kennedy told the Bond Commission on Thursday that the deal will let the state "get out from under those bonds," and free some liquidity and potential capital for the Superdome.
The deal is expected to receive final approval in January.
The Joint Legislative Committee on the Budget also approved continued investment up to $60 million in the Superdome.