Ted Leonsis

Leonsis reportedly refinances Caps debt with $100M loan


Some exciting financial news that’s sure to get you out of your chair:

Washington Capitals owner Ted Leonsis has reportedly refinanced his hockey club’s debt with a sizeable loan, according to Forbes.

Leonsis, 56, is the founder, majority owner, chairman and CEO of Monumental Sports & Entertainment, a group that owns the Capitals, the NBA’s Washington Wizards, the WNBA’s Washington Mystics and the arena all three teams call home — the Verizon Center.

As for Leonsis’ Caps-related debt and loan, here’s more from Forbes’ Mike Ozanian:

Sources have told me that Ted Leonsis refinanced the debt on his hockey team last month with a $100 million package led by Citigroup. The loan was oversubscribed, meaning more people wanted to buy the debt than was available. And the refinancing was bigger than the previous loan, thereby increasing the amount of debt on the hockey team.

Leonsis bought the Capitals for $85 million in 1999 and we valued the team at $250 million last November.

Ozanian notes the NHL in general appears to be taking on more debt, something PHT wrote yesterday in a report that the league had increased its credit facility.

According to Bloomberg, the facility was raised from $400 million to $600 million:

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.

The NHL declined to comment on the report.

Leafs prospects Nylander and Kapanen heading to AHL

William Nylander
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The Toronto Maple Leafs trimmed their training camp roster by 16 players on Sunday.

Two of the Leafs’ top prospects, William Nylander and Kasperi Kapanen, are heading to the the Toronto Marlies of the AHL.

For the full list of cuts, click here.

Nylander was Toronto’s first round pick, eighth overall, in 2014.

The 19-year-old scored an impressive 14 goals and 32 points in 37 games with the Marlies in 2014-15.

Kapenen, 19, was acquired from the Pittsburgh Penguins in the Phil Kessel trade.

He had one goal and one assist in a brief four game stint with Pittsburgh’s farm team last season.

The rebuilding Maple Leafs have no issue being patient with their top young prospects. Both players could make their NHL debut at some point this season, but they may have to wait a little while longer before they become regulars at the next level.

The Leafs now have 24 players on their training camp roster. They have until Tuesday to put the finishing touches on their lineup. Toronto needs to cut at least one more player.

Torres suspended pending hearing

Raffi Torres, Cory Schneider

According to TSN’s Darren Dreger, Raffi Torres has been suspended pending his disciplinary hearing with the league for his hit on Ducks forward Jakob Silfverberg.

Torres was assessed a match penalty for targeting Silfverberg’s head on Saturday night.

The 33-year-old missed all of last season with a knee injury, and it looks like the start of his regular season will be delayed once again.

Head coach Bruce Boudreau said that Silfverberg could have come back into the game, but he was held out for precautionary reasons.

Ducks center Ryan Kesler didn’t hide his feelings after the contest.

“(Torres) is the same player every year,” Kesler told reporters. “He needs to learn how to hit. That has no part in our game anymore.”