Luftstalag14
Culé de Celestial Empire
Hope it is not true. If it is true, we will have to look elsewhere for the loan. It has to be done.
FinBarcelonafan
Well-known member
And if Goldman Sachs says no, that's not good
Messigician
Senior Member
Goldman Sachs are very close to withdrawing from the agreement with Barcelona for the financing of the renovation works of the Spotify Camp Nou.
? [MENTION=22463]Joan[/MENTION]Fontes
L
? [MENTION=22463]Joan[/MENTION]Fontes
L
Barcilliant
Senior Member
Why?
Messigician
Senior Member
Yes but doesn't mean much
Windhook
Well-known member
[Bloomberg]
FC Barcelona is seeking to raise €1.5 billion euros ($1.6 billion) from private debt investors to finance the revamp of its iconic Spotify Camp Nou stadium.
The club is courting investors in the US private placement market to raise long-term financing, according to people with direct knowledge of the matter. An FC Barcelona spokesperson confirmed the talks.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. are arranging the sale, according to the people familiar. Representatives for both banks declined to comment.
The Catalan soccer team has plans to renovate its historic home venue and develop new facilities in a broader project known as Espai Barca.
The financing plan consists of three €500 million tranches of senior notes maturing in 2032, 2045, and 2052, according to a note from Kroll Bond Rating Agency, which has a stable outlook on the club. The proposed terms include securing the offering against new or incremental revenues with an understanding that there will be no mortgage on the stadium, per Kroll.
ESG ratings and research firm Morningstar Sustainalytics certified the notes that the club will issue on the American market as green bonds, Barcelona’s president Joan Laporta said in a press conference on Thursday. “We are expanding our market of potential investors, as well as the possibility of obtaining financing at a better price,” he said.
Big-name football clubs such as Tottenham Hotspur have previously used the US private placement market, which counts large pension funds and asset managers as key investors, to raise long-term debt.
The credit is typically secured on the stadium it is financing, meaning that the investors can become the owners of the venue if the club fails to repay the debt.
Barcelona has tapped the US private placement market in the past, when it raised €525 million euros with broadcasting revenue as collateral. Part of that debt has already been repaid as a condition to reach a deal with US fund Sixth Street to sell it a slice of its TV rights for 25 years.
Hopefully another L for Twitter fortunetellers.
FC Barcelona is seeking to raise €1.5 billion euros ($1.6 billion) from private debt investors to finance the revamp of its iconic Spotify Camp Nou stadium.
The club is courting investors in the US private placement market to raise long-term financing, according to people with direct knowledge of the matter. An FC Barcelona spokesperson confirmed the talks.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. are arranging the sale, according to the people familiar. Representatives for both banks declined to comment.
The Catalan soccer team has plans to renovate its historic home venue and develop new facilities in a broader project known as Espai Barca.
The financing plan consists of three €500 million tranches of senior notes maturing in 2032, 2045, and 2052, according to a note from Kroll Bond Rating Agency, which has a stable outlook on the club. The proposed terms include securing the offering against new or incremental revenues with an understanding that there will be no mortgage on the stadium, per Kroll.
ESG ratings and research firm Morningstar Sustainalytics certified the notes that the club will issue on the American market as green bonds, Barcelona’s president Joan Laporta said in a press conference on Thursday. “We are expanding our market of potential investors, as well as the possibility of obtaining financing at a better price,” he said.
Big-name football clubs such as Tottenham Hotspur have previously used the US private placement market, which counts large pension funds and asset managers as key investors, to raise long-term debt.
The credit is typically secured on the stadium it is financing, meaning that the investors can become the owners of the venue if the club fails to repay the debt.
Barcelona has tapped the US private placement market in the past, when it raised €525 million euros with broadcasting revenue as collateral. Part of that debt has already been repaid as a condition to reach a deal with US fund Sixth Street to sell it a slice of its TV rights for 25 years.
Hopefully another L for Twitter fortunetellers.
Luftstalag14
Culé de Celestial Empire
What I don't get is the interest rate reported by the Spanish outlets. Palco23 says the interest rate will be 10% for the three tranches of bonds that we will issue at 500m each, however 2Playbook says the purpose of going to this "green bonds" route is suppose to finance cheaper, with lower interest rate than you normally get from the banks. 10% is really high, much higher than the 1.98% rate that we previously got from Goldman Saches for the 595m loan, also much higher than what Madrid got for their financing of the new Bernabeu (below 2% I read). Of course we can probably refinance later with a cheaper rate... Am I missing something here?
Gnidrologist
Senior Member
Is every news outlet legally binded to say "spotify"?
Windhook
Well-known member
Does that bug you?
Gnidrologist
Senior Member
Within the context of "iconic", yes.
Luftstalag14
Culé de Celestial Empire
Spotify (them in particular, for the paltry 5m they gave us) or another company will never be able to change how people refer to Camp Nou, it will always be known as Camp Nou.
Horatio
You're welcome
What? Just 5m? To be included in Stadium name? How is that possible?
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