WW, have fun brother!!! I will be with you in spirit!! (honestly I cannot wait to do the same one day)
The Stadium!
- Thread starter oxfordspur
- Start date
WW, have fun brother!!! I will be with you in spirit!! (honestly I cannot wait to do the same one day)
Spursex
Alert Team
Thanks Ex
SA-Spur
Vital Squad Member
Happy Happy
D
Departed
Guest
Happy Birthday Walt!
ftuttle
Vital Youth Team
Happy birthday Walty.
Thanks SA
Thanks 80
Thanks ft
Spursex
Alert Team
Exactly as I predicted we would: the private placement is finalised and so after all this time, some here should finally accept that the debt - when I said it wouldn't impact transfer spending - is of course, was as always, entirely accurate. The price we achieved here, should to those of you who follow these things show how confidence in the long term future of the club, it's financing and it's direction; this strong rating was brought about after the years of financial restraint and prudence and this begets the final outcome - we now currently have one of the strongest credit ratings in the football World. Which why we achieved such an incredible deal.
Of course the half-empty brigade will still not see why this was always the final goal of the business of the club; but in simple terms it now means we have World class faclities delivering higher net revenues which in pretty short order will allow us to compete at all levels in the transfer market and in wages; something we could only dream of just a short while ago.
Like it or not, Levy deserves credit for his discipline and his vision to make this happen.
I'll leave it to the half-empty brigade to have their negative say now:
#ClubAnnouncement #NewStadium
Club Refinances Construction Debt
@SpursOfficial
Fri 20 September 2019, 09:00|Tottenham Hotspur
The Club today (Friday 20 September) closed its refinancing of the loans put in place to support the construction of our new stadium.
• The Club has completed a £637m multi tranche, long term financing anchored by a Private Placement and new bank facilities.
• A first time issuer in the US Private Placement market, the Club raised £525m of finance and was significantly oversubscribed and supported by several highly established international institutional investors.
• The refinancing successfully extends the longest debt maturities to 30 years.
• The average maturity of the total debt package of £637m is 23 years and the weighted average coupon, including the new bank facilities, is 2.66%.
• Bank of America Merrill Lynch acted as the Lead Placement Agent and Sole Bookrunner, with HSBC serving as a Co Placement Agent for the Private Placement.
• Bank of America Merrill Lynch provided a £112m term loan to complete the refinancing, with HSBC providing an additional revolving facility.
• As part of the financing the Club obtained a strong investment grade credit rating from two agencies.
The Club's strong profile globally realised extensive support and oversubscription from a range of leading Private Placement investors actively supporting the sports sector.
The success of the refinancing demonstrates the confidence held by the market in the Club's overall strategy including:
• The strong year-on-year financial performances of the Club, one of only three English Premier League (EPL) teams to have been consistently profitable since the inception of the Premier League.
• Strong performances in the EPL and Union of European Football Associations (UEFA), having qualified for European competitions in 13 of the last 14 seasons and making the Champions League Final in 2019.
• Delivery of the new Tottenham Hotspur Stadium, one of the world's best multi-use stadiums, which includes Europe's only purpose-built National Football League (NFL) venue.
• World class training facilities to support the first team and ongoing youth development.
The proceeds from the issue will be used to repay the short-term bank debt which was raised during the construction phase of the stadium from Bank of America Merrill Lynch (BofAML), Goldman Sachs and HSBC Bank plc (HSBC).
The refinancing has successfully repositioned the Club's balance sheet by extending the debt maturities with the longest maturities out to 30 years, lowering and fixing financing costs, positively impacting annual cash flow and adding financial flexibility for years to come. The average maturity of the total debt package of £637m is 23 years and the weighted average coupon, including the bank facilities is 2.66%.
The Club were advised on the financing by Rothschild & Co.
Daniel Levy, Club Chairman, said: "We have continued to develop Tottenham Hotspur in line with prudent financial management and investment into the Club's key infrastructure and our fast-growing global brand, successfully matching long-term assets with long-term financing. It is a tribute to the team on and off the pitch that we have achieved what is considered to be one of the most attractive financing deals in the world of sport. Our Club is extremely well positioned as we move forward delivering the excitement and entertainment of Premier League and Champions League football, NFL, rugby, concerts and much more."
Commenting, Elliott McCabe, Managing Director in Bank of America Merrill Lynch's Sports Finance & Advisory Group, said: "The management team of THFC continue to position the Club for long term success by growing the brand through ongoing investment, particularly in relation to the iconic new stadium. This is reflected in the strong market reception met by Tottenham Hotspur as a first-time issuer in the Private Placement market."
Of course the half-empty brigade will still not see why this was always the final goal of the business of the club; but in simple terms it now means we have World class faclities delivering higher net revenues which in pretty short order will allow us to compete at all levels in the transfer market and in wages; something we could only dream of just a short while ago.
Like it or not, Levy deserves credit for his discipline and his vision to make this happen.
I'll leave it to the half-empty brigade to have their negative say now:
#ClubAnnouncement #NewStadium
Club Refinances Construction Debt
@SpursOfficial
Fri 20 September 2019, 09:00|Tottenham Hotspur
The Club today (Friday 20 September) closed its refinancing of the loans put in place to support the construction of our new stadium.
• The Club has completed a £637m multi tranche, long term financing anchored by a Private Placement and new bank facilities.
• A first time issuer in the US Private Placement market, the Club raised £525m of finance and was significantly oversubscribed and supported by several highly established international institutional investors.
• The refinancing successfully extends the longest debt maturities to 30 years.
• The average maturity of the total debt package of £637m is 23 years and the weighted average coupon, including the new bank facilities, is 2.66%.
• Bank of America Merrill Lynch acted as the Lead Placement Agent and Sole Bookrunner, with HSBC serving as a Co Placement Agent for the Private Placement.
• Bank of America Merrill Lynch provided a £112m term loan to complete the refinancing, with HSBC providing an additional revolving facility.
• As part of the financing the Club obtained a strong investment grade credit rating from two agencies.
The Club's strong profile globally realised extensive support and oversubscription from a range of leading Private Placement investors actively supporting the sports sector.
The success of the refinancing demonstrates the confidence held by the market in the Club's overall strategy including:
• The strong year-on-year financial performances of the Club, one of only three English Premier League (EPL) teams to have been consistently profitable since the inception of the Premier League.
• Strong performances in the EPL and Union of European Football Associations (UEFA), having qualified for European competitions in 13 of the last 14 seasons and making the Champions League Final in 2019.
• Delivery of the new Tottenham Hotspur Stadium, one of the world's best multi-use stadiums, which includes Europe's only purpose-built National Football League (NFL) venue.
• World class training facilities to support the first team and ongoing youth development.
The proceeds from the issue will be used to repay the short-term bank debt which was raised during the construction phase of the stadium from Bank of America Merrill Lynch (BofAML), Goldman Sachs and HSBC Bank plc (HSBC).
The refinancing has successfully repositioned the Club's balance sheet by extending the debt maturities with the longest maturities out to 30 years, lowering and fixing financing costs, positively impacting annual cash flow and adding financial flexibility for years to come. The average maturity of the total debt package of £637m is 23 years and the weighted average coupon, including the bank facilities is 2.66%.
The Club were advised on the financing by Rothschild & Co.
Daniel Levy, Club Chairman, said: "We have continued to develop Tottenham Hotspur in line with prudent financial management and investment into the Club's key infrastructure and our fast-growing global brand, successfully matching long-term assets with long-term financing. It is a tribute to the team on and off the pitch that we have achieved what is considered to be one of the most attractive financing deals in the world of sport. Our Club is extremely well positioned as we move forward delivering the excitement and entertainment of Premier League and Champions League football, NFL, rugby, concerts and much more."
Commenting, Elliott McCabe, Managing Director in Bank of America Merrill Lynch's Sports Finance & Advisory Group, said: "The management team of THFC continue to position the Club for long term success by growing the brand through ongoing investment, particularly in relation to the iconic new stadium. This is reflected in the strong market reception met by Tottenham Hotspur as a first-time issuer in the Private Placement market."
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stupops
Vital 1st Team Regular
For all of those that dont understand this...…(like me)
I think we had a £600 million credit card bill that was due to be paid in two years.
Now its due to be paid in 20 years - but we'll be paying interest every year. But that interest is easily covered by our increased matchday revenue and then some.
I think we had a £600 million credit card bill that was due to be paid in two years.
Now its due to be paid in 20 years - but we'll be paying interest every year. But that interest is easily covered by our increased matchday revenue and then some.
Nick Real Deal
Vital Football Legend
Whether the debt impacted on signings or not we have still had 2 windows of no signings and the last one providing us with no short term improvement in the first 11.
When will we be in the position to sign instant upgrades on what we have , not speculative potential.
When will we be in the position to sign instant upgrades on what we have , not speculative potential.
Spursex
Alert Team
You know I get entirely fed up having to repeat this again and again - it's almost as if when a liar keeps repeating a lie that all around him believe it to be true - despite ALL the evidence to the contrary.
I guess a negative opinion is better than factual proof.
WE had money to spend, Poch choose not to spend it for target reasons; that's been confirmed by multiple sources and not just me who said it first here.
As for the short term,in football, shit happens; injuries happen and circumstances are not always under your control - but once again, I repeat (as this was what was alleged), the stadium build/overrun - did NOT and has NOT impacted our ability to spend transfer money. End of!
stupops
Vital 1st Team Regular
One question about this. Are they now saying the costs for the new stadium and infrastructure cost the club £600 million and not a Billion as some were suggesting?
Or have we already spent £400 million on it (or there is £400 million outstanding)
ftuttle
Vital Youth Team
Initially, the borrowing was going to be about £400m, with he remainder covered by the club. The overspend meant we had to borrow more and pushed costs to £1bn. So part of the overspend was covered by the additional revenue generated by Poch in the CL and also additional borrowing.
stupops
Vital 1st Team Regular
I wonder if we are the next club to be subject to a takeover.
Interesting times.
I don't think there can be anyone who can question that Daniel and his team have secured the future of the club for generations to come.
The same can't be said for some of our London neighbours. It's a matter of what we do on the pitch from now on.
Over to Poch and the boys. COYS!
Interesting times.
I don't think there can be anyone who can question that Daniel and his team have secured the future of the club for generations to come.
The same can't be said for some of our London neighbours. It's a matter of what we do on the pitch from now on.
Over to Poch and the boys. COYS!
freundorfoe
Vital 1st Team Regular
Levy:
“I understand, as I am a fan, clearly you want to win on the pitch,” he said. “But we have been trying to look at this slightly differently, in that we want to make sure we ensure an infrastructure here to stand the test of time.”
He said there would be no change to his thrifty approach in the transfer market, however, despite the club going tediously close to silverware in recent years without winning anything.
“We could have easily spent more money on players,” said Levy. “Who knows if that would have bought us more success or not . . . The right approach is to build from the bottom up. There is no quick fix to becoming a much more significant global club.”
Despite any misgivings this approach has with fans, it is one that has won over private investors in the US and secured the club financially for the foreseeable future.
“I understand, as I am a fan, clearly you want to win on the pitch,” he said. “But we have been trying to look at this slightly differently, in that we want to make sure we ensure an infrastructure here to stand the test of time.”
He said there would be no change to his thrifty approach in the transfer market, however, despite the club going tediously close to silverware in recent years without winning anything.
“We could have easily spent more money on players,” said Levy. “Who knows if that would have bought us more success or not . . . The right approach is to build from the bottom up. There is no quick fix to becoming a much more significant global club.”
Despite any misgivings this approach has with fans, it is one that has won over private investors in the US and secured the club financially for the foreseeable future.
What was that about the Prime minister and brexit I drifted off. Did Nick get an answer about if the jam tomorrow had arrived.
freundorfoe
Vital 1st Team Regular
This is good news but Levy definitely giving answers investors want to hear and not fans, the main criticism of him is that he cares more about the bottom line than trophies - to the point where we've missed opportunities to solidify ourselves as a more major force with a little extra investment.
Nick Real Deal
Vital Football Legend
These are interesting comments. We could have easily spent more . But it wouldn't guarantee success. That's mainly due to them being speculative potential rather than nailed on hit the ground running signings. If you buy top drawer players they will produce but it costs more. I'm not saying buy all top drawer , I know that's not realistic.
We build from the bottom up.......prudent but long winded and still no guarantee of success.
