U.S. Bank has provided a $125 million credit facility to the Utah Jazz, with the proceeds being used for renovations to Vivint Smart Home Arena. Upgrades to the arena have been taking place over the summer, and the venue is on track to reopen on September 27.
U.S. Bank initially provided the credit facility on a sole basis to simplify the documentation and closing process.
“This financing from U.S. Bank helped us renovate the arena from top to bottom to create a gathering place for the community,” said John Larson, chief financial officer, Larry H. Miller Sports & Entertainment. “U.S. Bank is a trusted partner that helped us realize our vision to enhance the fan and visitor experience.”
“We’re delighted to support this important renovation,” said Bill Mulvihill, head of the Sports and Entertainment Group at U.S. Bank. ”The Utah Jazz are a great club and we are proud of the trust they placed in us with this project.”
The Jazz will begin playing preseason games at Vivint Smart Home Arena in early October, with the regular-season opener scheduled for October 18.
The U.S. Bank Sports and Entertainment Group provides a wide range of banking and financial services to major sports leagues, including Major League Baseball, the National Basketball Association, the National Hockey League, the National Football League and Major League Soccer. In 2016, U.S. Bank was ranked #1 “Overall U.S. Sports Joint Bookrunner by Number” by Thomson Reuters LPC.
Rendering courtesy Utah Jazz.
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