Craig passed along a story yesterday that the Mets received $700 million in loans to refinance their debt, but as Richard Sandomir of the New York Times reports, the devil is in the details.
The resulting stability and financial muscularity of SNY and similar networks make them low risks to banks. Late last month, SNY refinanced $450 million in existing bank loans at lower interest rates and borrowed at least $250 million more. With their 65 percent ownership of SNY, Wilpon and Katz should have walked away with about $162.5 million.
In theory, the Mets could go out and use this cash to add talent to the team, but there’s no indication they are willing to do anything other than bargain hunt or perhaps re-sign Scott Hairston. Other more likely scenarios include paying down part of the existing bank debt on the team or bracing for further operating losses. Fun stuff.
The Marlins announced on Tuesday afternoon that the club acquired pitcher Severino Gonzalez from the Phillies in exchange for a player to be named later or cash considerations.
Gonzalez, 24, was designated for assignment last Thursday by the Phillies to make room for outfielder Michael Saunders on the 40-man roster. The right-hander has had a rough go of it in 66 innings in the majors, owning a 6.68 ERA and a 62/14 K/BB ratio. That ratio shows there’s some potential there and the Marlins will have about five years to try and discover it.
Andrew Baggarly of the Mercury News reports that the Giants have signed catcher Nick Hundley. It’s a major league deal worth $2 million.
Hundley, who is 33, but who seems like he’s been in the bigs for about 27 years, hit .260/.320/.439 with 10 homers in 83 games for the Rockies last season. Obviously he will be the backup given the presence of Buster Posey.