While teams around the National Hockey League prepare for the opening of free agency, the Ottawa Senators some news of a different kind.
This afternoon, the team announced that Capital Sports Holdings Inc, the parent company of the team, has completed “a $135 Million financing of a six-year senior term debt with a syndicate of financial institutions.” The plan is to use the financing “to pursue growth, serve general corporate purposes and to replace existing debt.”
To say that this is an unconventional announcement from a hockey team would be an understatement.
Rumours of Ownership uncertainty have followed Eugene Melnyk and the Senators for months now but this latest announcement is an interesting turn and suggests that the current Owner is looking to buy himself a little more time. Melnyk had previously commented on an ongoing process to refinance the team’s existing debt.
Go Sens Go?
