Touchdown, First Union.
Although football season doesn't kick off until Labor Day weekend, the New York Giants recently scored a $45 million financing from First Union Capital Markets Corp.
The financing, which First Union claims is one of the first of its kind, included a $25 million private placement, as well as a $20 million revolving credit facility.
First Fidelity, acquired by First Union last year, had been the team's primary lender since 1976.
"This private placement will allow us to reduce our financing costs and better manage our interest rate exposure, as well as expand our sources of financing and restore availability under our bank credit facility," said John K. Mara, general counsel and executive vice president for the Giants, in a statement.
Private placements are typically used to raise fixed-rate capital and gain longer amortization schedules than are available through traditional bank financing.
Charlotte, N.C.-based First Union also has significant relationships with sports organizations including the Charlotte Hornets, Jacksonville Jaguars, Atlanta Braves, Miami Dolphins, Vancouver Grizzlies, Tampa Bay Devil Rays, and Carolina Panthers.