Buffalo Bills to Receive $110 Million From Muni Bond Sale for New Stadium

By Stephen Nakrosis

The NFL's Buffalo Bills are set to receive $110 million in bond proceeds to help finance construction of a new 62,000-seat stadium in Western New York.

Erie County will sell $110 million of Series 2024 B general obligation bonds for the Buffalo Bills Stadium Project, according to documents posted Thursday on MunisOS. The bonds mature from 2025 through 2049. They are subject to redemption on or after Sept. 15, 2035, but that is subject change before the deal closes.

Retail orders can be placed Sept. 23, and institutional pricing is set for Sept. 24. Closing is scheduled for Oct. 8. Preliminary pricing information wasn't provided.

The bonds are general obligations of the county and are backed by a pledge of their full faith and credit.

Proceeds will help pay for the new stadium and related infrastructure. The county passed a resolution approving the sale of up to $150 million in bonds for the project in May 2023. It has already used $125 million in surpluses from 2021 and 2022 to help fund its $250 million share of the stadium. New York State has provided $600 million in funding as well.

The Bills are providing the rest of the money and paying for any cost overruns on the $1.7 billion project, which is scheduled to open in 2026. Construction on the new stadium began in June 2023.

S&P Global Ratings assigned the bonds a rating of AA.

Jefferies and Ramirez & Co. are lead managers on the offering.

-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

September 12, 2024 18:55 ET (22:55 GMT)

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