Wall Street Journal Reports Financial Problems in Greece May Affect Comcast Arena Everett Debt

Greece financial crisis finds its way to Everett

Interest rates rising for Comcast Arena Everett because of financial troubles in Greece

An interesting story in the Wall Street Journal this weekend about how growing financial troubles in Greece are affecting a company that holds a portion of the bonds that financed the Everett Events Center. The WSJ reports that since late May interest rates on bonds held by a company called Dexia have risen from 0.65% to 1.75%. Here’s an excerpt from the article…
Everett, Washington
In 2007, Dexia agreed to back a portion of the $72 million in bonds financing an ice rink and concert arena in Everett, Wash. Those bonds guaranteed by Dexia now have an interest rate of 1.75%, up from 0.65%. “We are far from Wall Street or Greece, but the impact is being absorbed to the core in small town America,” said Kate Reardon, a spokeswoman for the city said.

At the Public Facilities District meeting in May, the board heard that losses for the month of April were larger than expected. It will be interesting to see what kind of report is issued at this month’s Public Facilities District meeting later this week.
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