$726,160,000 PILOT Revenue
Refunding Bonds
(Yankee Stadium Project) Series 2020A (Tax Exempt) and Series 2020B (Federally Taxable)
Assured Guaranty Municipal insured more than $726 million of a $927 million PILOT Revenue Refunding bond issuance by the NYC IDA for the Yankee Stadium Project to refinance most of the outstanding Series 2006 and 2009 PILOT Bonds and provided partial debt service reserve fund sureties.
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$551,535,000 PILOT Revenue
Refunding Bonds
(Queens Baseball Stadium Project) Series 2021A (Tax Exempt) and
Series 2021B (Federally Taxable)
(“Citi Field Stadium”)
Assured Guaranty Municipal insured the full $551.5 million PILOT Revenue Refunding bond issuance by the NYC IDA for the Queens Baseball Stadium Project also known as Citi Field and the home of the New York Mets baseball club and provided debt service reserve fund sureties. The Series 2021 PILOT Bonds were issued to refinance all of the outstanding Series 2006 and 2009 PILOT Bonds.
Both of these stadium transactions generated significant debt service savings and helped position the stadiums strongly for the effects of the COVID-19 pandemic. Our insurance reduced the all-in cost of the financings. In addition to our guaranty of full and timely debt service payment, our participation includes the underwriting and surveillance of operational risks, allowing certain investors to participate in project financings they might not otherwise invest in due to the lack of appropriate internal resources.