Welcome! Login | Register
 

Turtleboy: It’s the Patriots Against the World—Every day I wake up and thank sweet…

Angiulo: The Limits of a Prenup—For some people, getting divorced is an unfortunate…

What Happened To Pete Carroll In New England?—Pete Carroll spent three seasons as the head…

Small Biz in a Digital Age: Communication—The world of business is moving faster --…

College Admissions: Best Ski + Snowboard Colleges in the West—Ready to hit the slopes?

SNL Spoofs Deflategate, Provides Answer—SNL Spoofs entire deflate gate scandal, provides an…

Sharks Edge Albany, 2-1 in OT—Sharks Edge Alban 2-1 in Overtime

NEW: Belichick Discusses Patriots Internal Investigation Into Deflategate—Bill Belichick addressed the New England media in…

Gronkowski Is That Good—Seahawks cornerback Jeremy Lane said he did not…

Fit For Life: The Rule of Expectation—When I went to write this week’s column,…

 
 

Bonds Sold for 38 Studios Deal

Wednesday, November 03, 2010

 

The state Economic Development Corporation announced today that $75 million in bonds had been sold to finance the deal with former Red Sox pitcher Curt Schilling’s video game company. The EDC is guaranteeing the loan.

The EDC said the sale allows the company, 38 Studios, to move to Rhode Island, where it is expected to bring 450 jobs to the state. 38 Studios has also executed a lease for the former Blue Cross Blue Shield office building in downtown Providence.

The company will now receive $13 million as the first installment of the funds. The company has to meet additional milestones set out in its agreement with the EDC in order to receive the remaining funds over the next 15 months. Nearly $20 million in reserves has been set aside to cover the first three years of debt payments.
 

 

Related Articles

 

Enjoy this post? Share it with others.