Louisiana is paying $108 million to get out of a deal that helped rebuild and upgrade the Superdome in New Orleans after Hurricane Katrina but later exploded in interest costs. The State Bond Commission received the final details today of the debt refinancing for the Louisiana Stadium and Exposition District, which includes the termination payment to end the previous arrangement. The LSED is borrowing $361 million to restructure the bond deal from 2006 that became saddled with problems during the credit crunch and financial downturn two years after the deal was struck. The $108 million termination penalty will be rolled into the refinanced borrowing and paid off over decades with the rest of the debt. The arrangement also ends litigation with Merrill Lynch over the previous arrangement.
Louisiana to pay $108M to end Superdome bond deal
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