SunTrust Banks has closed $600 million in financing for the Texas Rangers, funding the team’s share of construction costs of Globe Life Field. Set to open in 2020, Globe Life Field is retractable-roof ballpark that is being constructed as part of a public/private partnership with the City of Arlington.
The financing provides the Rangers with efficient access to funding that will allow the new stadium to stay on track to open for the 2020 MLB season.
“While our deep expertise in sports and stadium financing made the transaction possible, it was our shared vision with the Rangers that made this deal come to life,” said Julia Harman, SunTrust Commercial Banking president for the Dallas –Fort Worth market. “We are thrilled to have partnered with the Rangers organization on such an important project for the Dallas – Fort Worth region, and look forward to working with them in the years ahead.”
“The Rangers are honored to continue our great partnership with the City of Arlington as we embark upon the building of Globe Life Field. As we considered banking partners, SunTrust quickly emerged as the right leader for our financing along with strong support from joint lead arrangers, MUFG and US Bank.” said Kellie Fischer, executive vice president and chief financial officer of the Texas Rangers.
SunTrust has previously served as a Lead Arranger for the team’s share of construction financing for the Atlanta Braves’ SunTrust Park, and the Atlanta Falcons’ Mercedes-Benz Stadium. The Rangers transaction was a partnership between a number of SunTrust’s business units, including: the Southwest Corporate Banking office of SunTrust Robinson Humphrey (“STRH”), the SunTrust Sports and Entertainment Group, which raises capital and provides financing and banking solutions to professional sports franchises, and the STRH Leveraged Finance Group.
“The Rangers is an organization dedicated to their community and their broad fan base. This transaction allows them to stay in Arlington for the foreseeable future, and create a ballpark with the amenities and overall fan experience that will be among the best in professional sports,” said Peter Dorfman, managing director in the SunTrust Sports and Entertainment Group.
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