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Report: NHL increases credit facility by $200 million

Gary Bettman Press Conference

CHICAGO - MAY 28: National Hockey League Commissioner Gary Bettman speaks at a press conference at the United Center on May 28, 2010 in Chicago, Illinois. (Photo by Jonathan Daniel/Getty Images)

Jonathan Daniel

In news that will not make you jump up and down in excitement, Bloomberg is reporting that the NHL has increased its credit facility from $400 million to $600 million.

From the report:

The league also received a better rate on the agreement with Citigroup Inc. (C), which was completed last month. The new facility is priced at the London interbank offered rate, or Libor, plus 250 basis points. The previous facility was $400 million at Libor plus 300 basis points.

Professional sports leagues create loan pools by using collateral such as national broadcast contracts to secure credit at better terms than most teams could individually.

It wasn’t reported if the league has any plans for the additional $200 million. Possibly it’s just for a rainy day. (*checks weather forecast in New Jersey*)

The NHL declined to comment on the story.