POSTED: Friday, January 18, 2013 - 7:30pm
UPDATED: Friday, January 18, 2013 - 7:34pm
New Orleans, La (NBC33) — Louisiana will pay $108 million to get out of a deal that helped rebuild the Superdome after Hurricane Katrina.
That deal resulted in soaring interest costs as the economy soured.
The debt refinancing for the Louisiana Stadium and Exposition District includes the termination payment to end the previous arrangement with Bank of America Merrill Lynch.
The district is borrowing $361 million to restructure the bond deal from 2006; it became saddled with problems as part of the credit crunch and financial downturn two years later.