GaryMrMets
04-05-2002, 12:00 AM
http://philadelphia.phillies.mlb.com/NASApp/mlb/phi/news/phi_press_release.jsp?ymd=20020401&content_id=3218&vkey=pr_phi&fext=.jsp
04/01/2002 2:40 pm ET
Phils close ballpark construction financing
BOSTON, MA - APRIL 1, 2002 - On March 29 the Philadelphia Phillies and FleetBoston Financial Corporation announced the closing of a $125 million loan in financing for the Phillies New Ballpark, which will open in April 2004. The closing was staged in Boston, Massachusetts at the law firm of Choate, Hall & Stewart, Fleet's outside counsel.
Fleet Securities, Inc. arranged the financing with the transaction co-underwritten by Fleet National Bank and Sumitomo Mitsui Banking Corporation. A syndicate of five additional banks participated in the credit - two of the banks, Commerce Bank and Sovereign Bank, are headquartered in Philadelphia. The other participating banks include: U.S. Bank, Chevy Chase Bank, and Israel Discount Bank.
The total cost of the Phillies New Ballpark is approximately $346 million of which the Phillies are contributing nearly 50 percent at $172 million. In addition, the Phillies are responsible for covering construction cost overruns plus operations and maintenance costs once the facility is open. Public funding for construction costs is $174 million and the estimated cost for site work is $112 million.
"We are very pleased that Fleet shares our vision of an exciting future for the Phillies organization," said David Montgomery, General Partner and President of the Philadelphia Phillies. "The closing of this financing marks yet another milestone for the completion of a world-class Phillies Ballpark in Philadelphia."
"We were thrilled to be selected by the Phillies to lead the financing for one of the most important projects in the franchise's history," said Peter Dorfman, Managing Director of Fleet's Sports Finance Group. "The Phillies have a terrific management team which is critical for complicated projects such as this. We are confident that the new ballpark will be a success and serve the Philadelphia community and the Phillies' fans well."
Although the construction loan was just closed, construction of the New Ballpark has been ongoing since July 2001. To date, the Jetro Warehouse has been demolished and 38 percent of the field and recessed bowl areas have been excavated 23 feet below street level. Concrete pouring began this week, a key indication that the Ballpark's foundation is well underway to being completed. Once the foundation is in place, vertical steel construction will commence - making it easier for fans at street level to see the Phillies Ballpark take form.
Background Information
FleetBoston Financial is the seventh-largest financial holding company in the United States. A diversified financial services company with assets exceeding $200 billion, Fleet offers a comprehensive array of innovative financial solutions to 20 million customers in more than 20 countries and territories. Among the company's key lines of business are: retail banking, with more than 1,500 branches and more than 3,700 ATMs in the Northeast; corporate banking, including capital markets/investment banking and commercial finance; investment services, including nationwide brokerage; and full-service banking through more than 250 offices in Latin America. FleetBoston Financial is headquartered in Boston and listed on the New York Stock Exchange (NYSE: FBF) and the Boston Stock Exchange (BSE: FBF).
The Phillies New Ballpark, a 43,000-seat, natural-grass and dirt-field venue, is scheduled to open in April 2004. The Phillies are building an intimate New Ballpark that will be the ultimate baseball and entertainment experience in Philadelphia.
The New Ballpark will be constructed east of Veterans Stadium in South Philadelphia and will span a 21-acre site. This new venue combines the essence of Philadelphia's rich tradition of sports architecture with an unmistakably modern 21st century style.
The design of the New Ballpark is under the direction of two leading national architectural firms: Ewing Cole Cherry Brott, based in Philadelphia, and HOK Sport + Venue + Event, based in Kansas City. Included among Ewing Cole's work: Singapore Turf Club, Kranji, Singapore; Emerald Downs in Seattle, Washington; Meadowlands Sports Complex in New Jersey; Boardwalk Hall, home of the Boardwalk Bulleys hockey team in Atlantic City, New Jersey; and several venues in Philadelphia: Fox Chase Cancer Center, Federal Reserve Bank, LaSalle University's Tom Gola Arena, and Kvaerner Philadelphia Shipyard. HOK Sport includes among its work: PNC Park, Pittsburgh; Pacific Bell Park, San Francisco; Houston Astros Field, Houston; Comerica Park, Detroit; Coors Field, Denver; Jacobs Field, Cleveland; and Camden Yards, Baltimore.
Locally based L.F. Driscoll, builders of the First Union Center, One Liberty Place and the new Kimmel Center, has formed a joint venture with Hunt Construction Group to serve as the construction management team. Hunt, a national stadium/ballpark construction firm out of Indianapolis, includes among its work: Comerica Park; Pacific Bell Park; Miller Park, Milwaukee; Jacobs Field; and Bank One Ballpark, Phoenix. L.F. Driscoll and Hunt Construction Group lead the construction for the Phillies New Ballpark in association with Synterra, Ltd. and Don Todd Associates, Inc.
Synterra has been the recipient of numerous state and national awards for its expertise in planning, design and construction management services. Don Todd Associates, Inc. is a nationally recognized Program and Project/Construction Management firm, currently ranked 57th among Engineering and News-Record's "Top 100 CM Firms."
An artist's rendering of the New Ballpark. (Phillies New Ballpark)
http://philadelphia.phillies.mlb.com/images/2002/04/01/O6BpULyV.jpg
04/01/2002 2:40 pm ET
Phils close ballpark construction financing
BOSTON, MA - APRIL 1, 2002 - On March 29 the Philadelphia Phillies and FleetBoston Financial Corporation announced the closing of a $125 million loan in financing for the Phillies New Ballpark, which will open in April 2004. The closing was staged in Boston, Massachusetts at the law firm of Choate, Hall & Stewart, Fleet's outside counsel.
Fleet Securities, Inc. arranged the financing with the transaction co-underwritten by Fleet National Bank and Sumitomo Mitsui Banking Corporation. A syndicate of five additional banks participated in the credit - two of the banks, Commerce Bank and Sovereign Bank, are headquartered in Philadelphia. The other participating banks include: U.S. Bank, Chevy Chase Bank, and Israel Discount Bank.
The total cost of the Phillies New Ballpark is approximately $346 million of which the Phillies are contributing nearly 50 percent at $172 million. In addition, the Phillies are responsible for covering construction cost overruns plus operations and maintenance costs once the facility is open. Public funding for construction costs is $174 million and the estimated cost for site work is $112 million.
"We are very pleased that Fleet shares our vision of an exciting future for the Phillies organization," said David Montgomery, General Partner and President of the Philadelphia Phillies. "The closing of this financing marks yet another milestone for the completion of a world-class Phillies Ballpark in Philadelphia."
"We were thrilled to be selected by the Phillies to lead the financing for one of the most important projects in the franchise's history," said Peter Dorfman, Managing Director of Fleet's Sports Finance Group. "The Phillies have a terrific management team which is critical for complicated projects such as this. We are confident that the new ballpark will be a success and serve the Philadelphia community and the Phillies' fans well."
Although the construction loan was just closed, construction of the New Ballpark has been ongoing since July 2001. To date, the Jetro Warehouse has been demolished and 38 percent of the field and recessed bowl areas have been excavated 23 feet below street level. Concrete pouring began this week, a key indication that the Ballpark's foundation is well underway to being completed. Once the foundation is in place, vertical steel construction will commence - making it easier for fans at street level to see the Phillies Ballpark take form.
Background Information
FleetBoston Financial is the seventh-largest financial holding company in the United States. A diversified financial services company with assets exceeding $200 billion, Fleet offers a comprehensive array of innovative financial solutions to 20 million customers in more than 20 countries and territories. Among the company's key lines of business are: retail banking, with more than 1,500 branches and more than 3,700 ATMs in the Northeast; corporate banking, including capital markets/investment banking and commercial finance; investment services, including nationwide brokerage; and full-service banking through more than 250 offices in Latin America. FleetBoston Financial is headquartered in Boston and listed on the New York Stock Exchange (NYSE: FBF) and the Boston Stock Exchange (BSE: FBF).
The Phillies New Ballpark, a 43,000-seat, natural-grass and dirt-field venue, is scheduled to open in April 2004. The Phillies are building an intimate New Ballpark that will be the ultimate baseball and entertainment experience in Philadelphia.
The New Ballpark will be constructed east of Veterans Stadium in South Philadelphia and will span a 21-acre site. This new venue combines the essence of Philadelphia's rich tradition of sports architecture with an unmistakably modern 21st century style.
The design of the New Ballpark is under the direction of two leading national architectural firms: Ewing Cole Cherry Brott, based in Philadelphia, and HOK Sport + Venue + Event, based in Kansas City. Included among Ewing Cole's work: Singapore Turf Club, Kranji, Singapore; Emerald Downs in Seattle, Washington; Meadowlands Sports Complex in New Jersey; Boardwalk Hall, home of the Boardwalk Bulleys hockey team in Atlantic City, New Jersey; and several venues in Philadelphia: Fox Chase Cancer Center, Federal Reserve Bank, LaSalle University's Tom Gola Arena, and Kvaerner Philadelphia Shipyard. HOK Sport includes among its work: PNC Park, Pittsburgh; Pacific Bell Park, San Francisco; Houston Astros Field, Houston; Comerica Park, Detroit; Coors Field, Denver; Jacobs Field, Cleveland; and Camden Yards, Baltimore.
Locally based L.F. Driscoll, builders of the First Union Center, One Liberty Place and the new Kimmel Center, has formed a joint venture with Hunt Construction Group to serve as the construction management team. Hunt, a national stadium/ballpark construction firm out of Indianapolis, includes among its work: Comerica Park; Pacific Bell Park; Miller Park, Milwaukee; Jacobs Field; and Bank One Ballpark, Phoenix. L.F. Driscoll and Hunt Construction Group lead the construction for the Phillies New Ballpark in association with Synterra, Ltd. and Don Todd Associates, Inc.
Synterra has been the recipient of numerous state and national awards for its expertise in planning, design and construction management services. Don Todd Associates, Inc. is a nationally recognized Program and Project/Construction Management firm, currently ranked 57th among Engineering and News-Record's "Top 100 CM Firms."
An artist's rendering of the New Ballpark. (Phillies New Ballpark)
http://philadelphia.phillies.mlb.com/images/2002/04/01/O6BpULyV.jpg