Citi it closed a $1.4 billion league-wide credit facility to the National Hockey League. The transaction represents the NHL’s inaugural league-wide facility. Citi acted as the sole administrative agent and co-lead arranger on the transaction.

Under the terms of the transaction, each participating franchise will receive $100 million in credit facilities comprised of both bank debt and term notes. Initial participation included 14 member clubs.

“The success of this credit facility reflects confidence in the National Hockey League on a host of levels, particularly in our continuing revenue growth, the passion of our fan-base and the intensity of our competitive balance, year after year,” National Hockey League Commissioner Gary Bettman said. “Thanks to the support of this facility, our future is brighter than ever.”

“This is a state-of-the-art facility, well-structured, and attractively priced leading to exceptionally high interest by all of our investors, including strong participation from both the bank and bond market,” said Craig Harnett, NHL senior EVP and CFO.

“We are delighted to be in a position to extend such a sizable facility to the NHL and to have led the structuring of the transaction from beginning to end. This transaction was truly a great vote of confidence from the market,” said Anthony Di Santi, Citi Private Bank Sports Finance & Advisory.