Magna Parent to Loan Money for Construction Projects

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Magna Parent to Loan Money for Construction Projects
Date Posted: 12/9/2004 10:10:20 AM

Magna Entertainment Corp. will receive funding for the reconstruction of Gulfstream Park and The Meadows from its parent company, MI Developments.

According to a release, $115 million will be provided for the project in Florida at Gulfstream and $77 million for the project in Pennsylvania at The Meadows.

The financing will be made available through two separate loans
provided by wholly-owned subsidiaries of MID to wholly-owned subsidiaries of MEC that own and/or operate Gulfstream Park and The Meadows.

The release said the Gulfstream loan will provide funding for $115 million of the $145 million budgeted cost of the reconstruction project. The Meadows loan of $77 million is expected to provide sufficient funding for the construction costs of The Meadows redevelopment.

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