The move has been led by Regions Bank, but has also included investments from other financial institutions either headquartered in the Nashville area or with a significant presence in the US city. The group of institutions includes First Tennessee, Fifth Third, Wells Fargo, Pinnacle, Avenue and CapStar banks.
“As we took this next step in solidifying the organisation’s financial foundation, it was important to our local ownership group that the transaction be led by an institution with a large Nashville presence like Regions and that it include a group of banks that have done so much within and for our community,” said Predators chairman Tom Cigarran.
“The quality of the institutions participating in this transaction speaks to their belief in the importance of the Predators to our community and their belief in our future,” he added. “This new credit facility...will allow us to focus on pursuing our real goal: elevating Bridgestone Arena to the premier sports and entertainment venue in the country with a Stanley Cup champion Nashville Predators hockey team as its centrepiece.”
Cigarran also told The Tennessean that the refinancing of the loan acquired by the ownership group in 2007 will allow the team to recruit additional local investors and begin negotiations with the city over the lease with Bridgestone Arena. Morgan Joseph and Avondale Partners served as financial advisors on the deal.
