U.S. Bancorp (USB) has announced a deal to refinance the home stadium of the Denver Broncos of the National Football League.
The Minneapolis bank is the sole lender on the refinancing for the 12-year-old stadium, Sports Authority Field at Mile High. Four banks, including U.S. Bancorp, originally financed it in 2002. The terms and rates of the refinancing deal with the Stadium Management Co. are confidential.
"The favorable interest rate and terms of this agreement presented a great opportunity for us," Denver Broncos President Joe Ellis said Thursday. "It provides additional operational flexibility, which allows for the continued reinvestment into the stadium now and in the future."
The company's U.S. Bank unit has been the official bank of the Broncos since 1999 and is the only bank that offers Broncos-themed products, services and promotions. U.S. Bank, the third-largest retail bank in the Denver market, has 80 branches in the Denver community.