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Council approves financing team for new arena and awards $160 million GO bond sale
Summary
City staff recommended Goldman Sachs as senior manager for arena bonds; council approved underwriter selection and accepted a $160 million general obligation bond sale this week. Officials said borrowing is necessary because the sales tax to pay the arena does not begin until April 1, 2028.
The Oklahoma City Council on March 25 approved a financing plan for the new arena and accepted bids for a $160 million general obligation bond sale, part of a multi-step financing strategy to have construction funds available before the start of a voter-authorized sales tax in 2028.
Brent Bridal, assistant city manager and chief financial officer, told the council the city issued a request for proposals for a financing team in November and received 16 responses. After interviews and analysis with financial advisor PFM, staff recommended Goldman Sachs as senior manager, with BOK Financial Securities and Raymond James (Borg and Stanley was referenced in staff remarks) as co-managers to expedite a market sale when conditions are right.
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