NJ Devils Owner Buys Partners' Shares, Refinances Team Debt

Law360, New York (January 3, 2013, 7:16 PM EST) -- New Jersey Devils owner Jeff Vanderbeek has purchased the ownership stakes of his onetime partners in the National Hockey League franchise and completed a refinancing of its credit facilities, with CIT Group Inc. acting as the lead arranger, the team announced Thursday.

The details of the refinancing weren't disclosed, but the team's lenders were owed about $77 million in overdue debt, The New York Times reported, pinning the team's overall debt at about $178 million.

Pulling off the refinancing amid a collective bargaining dispute that has...
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