SAG Principal, David Abrams, while at a different firm, served as Financial Advisor to the Florida Panthers and Arena Development Company to lead in the financing program for the funding of a new NHL, 21,000 seat civic arena in Sunrise, Florida. The project included $135 million in tax-exempt and $49 million in taxable bonds.
As Financial Advisor, Mr. Abrams advised the Panthers on financial feasibility and structuring aspects relating to construction of the arena (secured by hotel occupancy taxes, state sales tax rebates and facility revenues); prepared and reviewed detailed revenue and financing estimates and alternatives including tax analysis, which was instrumental in the negotiation of the development, operating and license agreements; and provided analysis and funding model to the County for its bond issuance. The results of this work saved over $90 million in debt service for the facility.
In 2004, Mr. Abrams advised the Florida Panthers regarding the execution of a financial restructuring of the original Arena bonds. The restructuring provided an additional $17 million to fund needed capital improvements.
In 2006, Mr. Abrams lead the County investment banking team in the execution of the issuance of $177 million of refunding bonds which unwound the 2004 financial derivative and allowed the County to issued fixed rate refunding bonds while providing additional savings to the County and the Team.
Project Components: Multi-use arena (21,000 seats) completed in 1998.
Project Value: $184 million