Twenty-two firms bid for underwriting work on Vikings stadium
October 10, 2013 — 12:29pm
More than 20 financial institutions are competing for the job of providing underwriting services for the $498 million public share of the new Vikings stadium.
A list of 22 applicants was released Thursday by the Minnesota Department of Management and Budget, which will decide in the next few weeks who will underwrite the project and how many firms might be involved.
The state has said that it hopes to "establish a pool of firms" to serve as senior managing underwriters or co-managing underwriters in connection with the bond issue.
No date has been set for issuing the bonds, which would cover the public portion of the $975 million development. The Vikings are responsible for $477 million of the stadium’s construction cost with the state and the city of Minneapolis covering the rest.
Some of the institutions bidding for the work are Barclays, BMO Capital Markets, Goldman, Sachs & Co., J.P. Morgan Securities, Morgan Stanley & Co., Inc., Piper Jaffray & Co., U.S. Bank and Wells Fargo Securities.
Groundbreaking for the stadium, which is expected to open in time for the 2016 NFL season, is tentatively scheduled for mid November.
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A federal judge has ordered the Minnesota Vikings and Wells Fargo into an April 26 settlement conference in their dispute over the bank's placement of signs on their two new bank towers near U.S. Bank Stadium.