DALLAS – On the heels of a ratings downgrade triggered by its financial commitment to the National Hockey League’s Phoenix Coyotes, Glendale, Ariz., is restructuring the debt it has taken on for professional sports facilities with $230 million of taxable and tax-exempt revenue bonds.

The deal, expected to price Thursday through negotiation with Wells Fargo Securities and Robert W. Baird & Co., includes $39.5 million of senior-lien Series B, $173.6 million of subordinate-lien Series C and $16.9 million of taxable subordinate Series D. All three series are backed by the city’s excise tax and issued in the name of the Glendale Municipal Property Corp.

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