The New Jersey Devils announced earlier today that team owner Jeff Vanderbeek has completed a refinancing of the team's credit facilities with CIT group acting as the lead arranger. In addition to the refinancing of the team debt, Vanderbeek and his affiliated entities have purchased the stakes of co-owners, Brick City Hockey.
Exact financial terms of the deal were not released and not immediately available.
In an e-mail sent to fans on Thursday afternoon, Vanderbeek said that the organization believes that its successful refinancing during the NHL work stoppage demonstrates the strength of the franchise and the Prudential Center. Vanderbeek went on to say that this restructuring deal will enable the Devils to continue to execute on their business plan.
Here is the full statement released by team owner Jeff Vanderbeek ...
“Today’s announcement is good news for Devils fans though I fully recognize fans' frustration with the work stoppage. Our future is now secure and we can be confident of continued on-ice success. Our team has gone to the Stanley Cup Final 5 times in the last 17 years and following the most recent run to the Stanley Cup Final last year, we are excited about our future -- for Jersey's team and Prudential Center, home to the 2013 NHL Draft.
I am grateful to Mike Gilfillan and Brick City Hockey for our former partnership. Together we shared a passion that led to the building of the Prudential Center – truly a shining jewel of a facility and in my view one of the best arenas in the entire world. The Rock is a great legacy for which we will always be proud.”
Stay tuned for more information on this developing story.