Medco acquires Preakness and Black-Eyed Susan rights, funds purchase with short-term notes
Medco (Maryland Economic Development Corporation) said it matched an $85 million offer to buy the Preakness Stakes and Black-Eyed Susan intellectual property, closing with short-term notes (about $97 million of financing) that will be replaced by long-term bonds within 18 months.
The full story
Medco CEO Tom Sadowski told the Appropriations Committee that Medco exercised a right of first refusal this summer to acquire the Preakness Stakes and Black-Eyed Susan intellectual property, matching an $85,000,000 offer and closing quickly to meet a deadline.
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