Space & Rocket Center refinances existing debt - WAFF-TV: News, Weather and Sports for Huntsville, AL

Space & Rocket Center refinances existing debt

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Refinancing means the facility has a zero balance on its credit line. (Source: WAFF) Refinancing means the facility has a zero balance on its credit line. (Source: WAFF)

The U.S. Space & Rocket Center is going in the right financial direction, as leaders announced a major step towards reducing the facility's debt Tuesday.

The facility owed nearly $18.6 million in 2009. Now that figure is down to $11.6 million.

Dr. Deborah Barnhart, the Chief Executive Officer of the facility, was able to refinance the existing bond debt and line of credit. By doing this, she said they will decrease the interest they have to pay and save money.

She said she is looking to the future once the debt is behind the center.

"First and foremost, we want to bring much more attractive items - traveling exhibitions and interesting things to do here at the Rocket Center," said Dr. Barnhart. "We're improving the quality of our educational programs as well as with Space Camp, Aviation Challenge, our new robotics program. We just want to bring what a Smithsonian affiliate institute would bring to this region and to the people of this area."

Refinancing also means the center will have a zero-balance on the line of credit, something that hasn't happened since May 2000.

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