...The project is an 82,500-seat open-air stadium located in East Rutherford, N.J. that is home to the National Football League's (NFL) New York Jets and New York Giants. Jets Stadium Development LLC used the proceeds from the rated bonds to fund its portion of the construction costs for New Meadowlands Stadium Co. LLC (NMSCO), which is now known as MetLife Stadium. NMSCO, a 50/50 joint venture between Giants StadCo and Jets StadCo, operates the stadium. Jets Stadium Development LLC repays the debt it issued with Jets StadCo's share of the stadium's revenue, including 50% of the naming rights, advertising, cornerstone contracts, and other events as well as 100% of its other revenue, including from suites, club seat premiums, parking, and game-day revenues such as concessions. Under the 2014 reimbursement agreement, all supplemental stadium revenue is pledged to the bondholders....
