NBA SELLING $193 MILLION DEBT FOR TEAMS, BACKED BY MEDIA DOLLARS

The NBA probably has $6.7 billion in debt with its latest sale.

June 7, 2021 10:00am

The National Basketball Association is selling $193.2 million in senior secured notes today, as teams tap national media rights flows for working capital.

The NBA’s Hardwood Funding LLC subsidiary is selling four tranches of debt in uneven portions of $60 million, $93.5 million, $20.8 million and $18.9 million. Based on disclosures by Fitch Ratings, which rates the debt A-minus with a stable outlook, the proceeds probably represent amounts being taken by four individual franchises, but that isn’t certain. The names of teams involved aren’t disclosed. The NBA declined to comment.

Hardwood Funding, along with a separate league-wide credit facility, is backed by national media revenues, which flow first to meet debt obligations before being distributed to the teams under the NBA’s revenue sharing plan. Teams can elect to take advances of up to $275 million from the league against the flows, according to information contained in reports by Fitch Ratings.

https://www.sportico.com/business/finance/2021/nba-issues-new-debt-1234631410/

https://archive.ph/AEAZS

Jeff Bezos will fly to space next month

UPDATED ON: JUNE 7, 2021 / 8:59 AM / CBS NEWS

Jeff Bezos is launching himself into space next month. The billionaire founder of Amazon said Monday that he will fly to space on the first crewed flight of the New Shepard, a rocket made by his aerospace company Blue Origin.

The flight is scheduled for July 20, just a couple of weeks after Bezos plans to resign as Amazon's CEO. The date also marks the 52nd anniversary of the Apollo 11 moon landing.

Bezos also said that his younger brother, Mark Bezos, will join him on the flight.

https://www.cbsnews.com/news/jeff-bezos-fly-space-july-20-blue-origin-new-shepard/

https://archive.ph/XiqaM

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https://www.youtube.com/watch?v=6C2MQ7fxUyk

Trump: Sen. Manchin 'doing right thing' by saying 'no' to ending the filibuster

MP4 capped

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No. 2 Capitol Police official resigns amid turmoil at department

https://www.politico.com/news/2021/06/07/top-capitol-police-official-resigns-amid-turmoil-at-department-492037

https://archive.ph/kWNlq

Chad Thomas, the No. 2 Capitol Police official overseeing most of its uniformed officers, resigned from his position Monday as the department attempts to chart a path forward after the Jan. 6 insurrection, according to congressional and Capitol Police sources.

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