Posted at: 10/22/2013 12:02 PM
ST. PAUL, Minn. (AP) - Eight banks are teaming to underwrite hundreds of millions of dollars in Minnesota bonds to finance construction of the new Vikings stadium.
Minnesota Management and Budget has notified the banks they were selected from a group of 22 that submitted proposals. The taxpayer share of the stadium is $498 million with the Vikings responsible for rounding up the remaining $477 million.
RBC Capital Markets will take the lead underwriting role, with J.P. Morgan and Wells Fargo Securities taking on senior roles. Five other firms got a share of the transaction.
The bonds won't necessarily be issued all at once. They will be sold as the two-year construction phase plays out.
The stadium will be built in downtown Minneapolis on the site where the Metrodome now sits.
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