Bonds for Globe Life Field Construction Contribution
a year in rent for the ballpark paid by the Rangers. The
venue taxes are also being used to pay down the City’s
remaining debt on AT&T Stadium, home of the Dallas
Cowboys.
secondary position to the Senior Lien bonds. The
true interest cost on these bonds is 4.35 percent.
The bonds have various early call features, which will
allow the City to use special taxes after paying debt
service to pay off bonds early.
On March 7, the City sold three issuances:
•
2018A: $266.1 million in Senior Lien Tax-Exempt
Bonds. These bonds are at parity with the 2017
Stadium issuance refunding done last year, and
as the name implies, have first claim on revenues
received. The true interest cost on these bonds is 4.1
percent.
• 2018B: $28.2 million in Senior Lien Taxable Bonds.
These bonds are at parity with the 2018A bonds and
are taxable because a small amount of the City’s
contribution is for private activity uses. The true
interest cost on these bonds is 4.1 percent. While
the taxable bonds have a higher interest rate on
comparable maturities with the tax exempt, the
bonds mature sooner, lowering the true interest cost.
• 018C: $171.1 million in Subordinate Tax-Exempt
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Bonds. As the name implies, these bonds are in a
• Prior to the bond sale, the three rating agencies
reaffirmed the City’s bond ratings. The ratings on
the senior lien bonds are AA+, A+ and A1 from Fitch,
S&P and Moody’s, respectively. The subordinate lien
bonds are rated A3 from Moody’s.
• As part of the transactions, the City purchased
bond insurance on the tax-exempt bonds, which
increased the ratings to AA. In the past, the City has
issued debt as part of Special Tax issuances to fund
required reserves. For the 2018 Bonds, the City took
out a surety bond, which in the worst-case scenario
would make up any shortfall in revenues that would
otherwise have been paid for by reserves. This
allowed the City to issue $30 million less in debt and
avoid the attendant interest costs on the bonds.
The bond sale closed on March 20.
2018 Fan Fest Offers
Autographs, Tours and More
Thousands of baseball fans attended the 2018 Texas
Rangers Fan Fest at Globe Life Park in Arlington
on January 20, where they were able to grab
autographs, tour the ballpark and take photos with
current and former Rangers players.
The 2018 Texas Rangers Fan Fest Presented by
Dasani also featured interactive question-and-
answer sessions with Rangers executives, players
and announcers, and free tours of the Rangers
clubhouse and dugout. Fans also had a chance to
participate in on-field events, such as running the
bases and a home run derby.
The Texas Rangers home opener is Thursday, March
29, versus Houston.
Click here to learn about home and road game
times for the 2018 season.
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