Re: “In Pennsylvania, swaps are a $17.2 billion problem”
“The convention center as designed by Cooper Carry is far too much facility for the amount of money that could have realistically been expected from the “hotel tax”. Consequently, the construction debt is so highly leveraged that the only way this integrated facility could have been built is with interest rate swaps.
“Now the people who inherited this facility from those who created it are desperately trying to find ways to pay the bills that have come due.”
