Texas Tech Football Stadium Gets $341.5 Million Facelift
The Jones AT&T Stadium, home to the Texas Tech Red Raiders football team, has undergone a major renovation financed by debt.
The Red Raider Facilities Foundation, an athletic foundation of the university, funded the renovations, which included upgrades to the south end zone and a new athletic training facility. The projects were completed last year with $116.7 million in donations and debt, including a $5 million contribution from Kansas City Chiefs quarterback Patrick Mahomes.
This week, the Texas Tech University System, which includes five institutions, sold $341.5 million in municipal bonds to acquire the projects from the foundation. Proceeds from the sale will repay the loan incurred for the projects.
The bond sale was managed by Siebert Williams Shank and priced on Thursday. Tax-exempt bonds maturing in 2051 were issued with a yield of 4.22%, 34 basis points above AAA-rated municipals. The bonds carry AA+ and Aa1 ratings from Fitch and Moody's, respectively.
The renovations feature new concession options, luxury suite seating, and screening rooms for football players. The project also includes state-of-the-art training facilities to enhance student-athlete development.
"This project underscores Texas Tech's commitment to competing at the highest level, providing student-athletes with the necessary resources while enhancing the gameday experience for fans," said Allison Hirth, assistant vice president of marketing and communications at Texas Tech.