Forest City's Nets Arena Bond Sale A Slam Dunk

Law360, New York (December 16, 2009, 5:42 PM EST) -- Enthusiastic investors have snapped up more than $500 million in bonds to help finance the woeful New Jersey Nets' new arena in Brooklyn, N.Y., real estate developer Forest City Enterprises Inc. has announced.

Demand for the $511 million in tax-exempt bond debt far exceeded supply, the Cleveland-based developer said Tuesday. The interest rate on the bonds was 6.48 percent.

"We're very pleased at the strong level of interest," Forest City CEO Charles A. Ratner said, adding that the successful offering is a "demonstration of support and...
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