00:00So this $600 million sale is through multiple transactions. Break it down for us.
00:04Okay, so this is not the first time the NFL has come to the private placement market,
00:08but our reporting shows that they came a little bit later in June, $338 million. This is debt
00:15that sold directly to institutional investors. Bank of America arranged the transaction. They're
00:20a placement agent. And then they came a little bit later in the summer, we think about early July,
00:27and they were looking to raise at least $300 million. So all in over $600 million in private
00:34placement bonds for the NFL. Why raise money through this private placement market rather
00:38than public debt markets? So they've historically liked the private placement market. One benefit
00:43is that you don't have to register with the SEC like you would have to in a public securities
00:49offering. So they like the confidentiality, I'm assuming here. You can also get some flexibility
00:55with different tranches. And the timing is a little bit more flexible than if you were
00:59going to do a big public bond deal. But all told, our understanding is that they're one
01:03of the largest borrowers in terms of issuance in the private placement market. When they come,
01:08it's not like they're coming every month. But when they come, they're doing these fairly large
01:13sizes of transactions. They make a splash. They make a splash.
01:16They make a splash.
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