The Pittsburgh Pirates last week batted out a $50 million stadium financing securitization via sole agent and structurer Fleet Securities. Fleet is currently seeking a rating for the deal, and is placing it into one of its available asset-backed commercial paper conduits, sources said.
Fleet’s primary program is EagleFunding Capital Corp., which has a capacity of approximately $5 billion, and maintains an average balance of between $1.5 billion and $2 billion.
The Pirates securitization is backed by contractually obligated cashflows, and structured with a true sale bankruptcy remote special purpose entity.
Currently, the Pirates are in last place in the National League’s Central Division, 21 games behind the division-leading Chicago Cubs.