SunTrust Banks get the nod to help Texas Rangers finance new ballpark

Texas Live!

The Texas Rangers have secured $600 million in financing from SunTrust Banks Inc. (NYSE: STI) to fund the team’s share of construction costs for their new ballpark.

SunTrust has a track record of leading financing for stadiums. It has previously served as a Lead Arranger for the team’s share of construction financing for the Atlanta Braves’ SunTrust Park, and the Atlanta Falcons’ Mercedes-Benz Stadium.

The Rangers transaction was a partnership between a number of SunTrust’s business units, including: the Southwest Corporate Banking office of SunTrust Robinson Humphrey (“STRH”), the SunTrust Sports and Entertainment Group, which raises capital and provides financing and banking solutions to professional sports franchises, and the STRH Leveraged Finance Group.

The stadium, to be named Globe Life Field and built in a public/private partnership with the City of Arlington, s set to open in time for the 2020 MLB season. The new ballpark will be part of the Texas Live! development.

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The new ballpark will be a first-class multi-use, retractable roof facility with modern ballpark amenities, according to the news release.

“While our deep expertise in sports and stadium financing made the transacti

on possible, it was our shared vision with the Rangersthat made this deal come to life,” said Julia Harman, SunTrust Commercial Banking president for the Dallas –Fort Worth market. “We are thrilled to have partnered with the Rangers organization on such an important project for the Dallas – Fort Worth region, and look forward to working with them in the years ahead.”

“The Rangers are honored to continue our great partnership with the City of Arlington as we embark upon the building of Globe Life Field. As we considered banking partners, SunTrust quickly emerged as the right leader for our financing along with strong support from joint lead arrangers, MUFG and US Bank.” said Kellie Fischer, executive vice president and chief financial officer of the TexasRangers.

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The terms of the financing were not released.

Atlanta-based SunTrust announced it August it had hired several banking executives for North Texas and it expects to expand its reach in the area.