Allegheny County Council's Budget and Finance Committee yesterday approved a debt refinancing that would help close a budget gap at the David L. Lawrence Convention Center.

The Sports & Exhibition Authority wants to transform $7.7 million in debt into $8.3 million in lower-interest borrowing. Payments would remain the same and the debt would still expire in 2018, but the lower interest rate would allow the authority to net $400,000.

The authority faces a $2 million deficit and expects to eventually use gambling revenue as a source of funding.

Pittsburgh City Council approved the agency's debt refinancing this month, and the full County Council is expected to approve the plan at its next meeting Tuesday.