Bonds Sold for 38 Studios Deal
Wednesday, November 03, 2010
The state Economic Development Corporation announced today that $75 million in bonds had been sold to finance the deal with former Red Sox pitcher Curt Schilling’s video game company. The EDC is guaranteeing the loan.
The EDC said the sale allows the company, 38 Studios, to move to Rhode Island, where it is expected to bring 450 jobs to the state. 38 Studios has also executed a lease for the former Blue Cross Blue Shield office building in downtown Providence.
The company will now receive $13 million as the first installment of the funds. The company has to meet additional milestones set out in its agreement with the EDC in order to receive the remaining funds over the next 15 months. Nearly $20 million in reserves has been set aside to cover the first three years of debt payments.
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