Welcome! Login | Register
 

Worcester Police Chief Gemme is Out Effective May 13th, UPDATED—Worcester Police Chief Gemme is Out Effective May…

Worcester Woman 1 of 4 Tied to Drug Arrests—Worcester Woman 1 of 4 Tied to Drug…

Jencunas: Comparing & Contrasting Donald Trump to Ronald Reagan—Jencunas: Comparing & Contrasting Donald Trump to Ronald…

These States Have the Highest Cost Per Prisoner—These States Have the Highest Cost Per Prisoner

Donald Trump Wins Indiana Primary—Donald Trump Wins Indiana Primary

Runaway Bob’s Discount Furniture Truck Crashes Into Worcester Home—Runaway Bob's Discount Furniture Truck Crashes Into Worcester…

Re-Picking the 1996 NBA Draft—Re-Picking the 1996 NBA Draft

Chef Walter’s Flavors + Knowledge: Tart of Zucchini Blossom—Chef Walter's Flavors + Knowledge: Tart of Zucchini…

American Service Member Killed During ISIS Attack in Iraq—American Service Member Killed During ISIS Attack in…

Is Worcester a Good Place to Start a Business, Just Not for Hispanics?—Is Worcester a Good Place to Start a…

 
 

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.