New Stadium

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Nutter-Naylor said:
Tottenham Hotspur will refinance more than GBP400m with Bank of America borrowed to pay for their GBP1b new stadium in north London that opened earlier this year, The Athletic reports without attribution.
New private placement will turn that debt into bonds with staggered maturities between 15 and 30 years, rather than in 2022 under previous terms
Champions League finalist soccer team has sought to take advantage of low interest rates in the U.S.
Tottenham and Bank of America each declined to comment to The Athletic

Makes sense. The 2yr bond yield is currently around 1.53% vs 2.07% in the 30yr, Ergo, the spread (differential) is 0.54%, much lower than the 2.04% back at the very end of 2016 & even the 0.8% a month ago.
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Agreed.

Lower interest rates would be expected as the original debt was to build the stadium (= higher risk as stadium costs might be far higher than first thought, might never be completed for some reason) versus the bonds which are to refinance an existing stadium with existing revenue streams from both match day revenues and commercial sponsorship deals, so a far lower risk of default allowing lower interest rates..

Mind you DL got pretty decent interest rates first time round - not sure if the figures quoted are the actual interest rates or margins over LIBOR though? But with LIBOR being so low its almost academic.

Although it talks about low interest rates in US, the refinancing will be in sterling, unless he's got some fancy forex deal to mitigate the risk of refinancing in US$'s - and I doubt that.

Once the bonds are in place though with maturity dates being 15-30 years out it in effect means Spurs will only be paying interest until then (< £10m pa) freeing up lots of money for transfers. Having said that most bonds would require the borrower to save some of the capital repayments in a special reserve - meaning Spurs keep the cash so cant spend it ! How all that works out will be in the bond documents and may not be immediately clear !
 
Mrs Perryman said:
I really enjoyed the tour, the more I see of it, the more impressive it is. The attention to detail is staggering. The two guides were enthusiastic and obviously supporters, to boot, which does add to the experience.
The tour stays in the West Stand and you see the various lounges (very luxurious, as expected), and if money was no object, then I wouldn't mind a ticket in the tunnel club.
Sitting in Poch's touchline seat is a treat (it reclines!) but the highlight has to be the home dressing room, would love to be a fly on the wall during a Poch half-time team talk.
Poch personally chose the pictures on the walls in the corridor to his office and the players' dining room, and they include the one of Bill Nick at the old gates, the Double side on the ladder, and the one of the gold cockerel being put on top of the West. But the one that really caught my eye was the one of the old boy who used to sit in the Paxton who had an old wooden rattle, which was taken at the Finale, as I took one myself.
I will probably do the NFL one when it commences, as that will concentrate on the East Stand and the Skywalk.
Definitely recommend it.
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Did they have Red Bull in the Fridge in the Changing Room? (was in Utds recently, they had it there, authorised as OK by club nutritionists and scientists apparently)
 
Zest said:
Did they have Red Bull in the Fridge in the Changing Room? (was in Utds recently, they had it there, authorised as OK by club nutritionists and scientists apparently)
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Don't think so but can't say I noticed. Next time I have a jagerbomb, I'll remember that nutritionists recommend at least one of the components.
 
Spursidol said:
Agreed.

Lower interest rates would be expected as the original debt was to build the stadium (= higher risk as stadium costs might be far higher than first thought, might never be completed for some reason) versus the bonds which are to refinance an existing stadium with existing revenue streams from both match day revenues and commercial sponsorship deals, so a far lower risk of default allowing lower interest rates..

Mind you DL got pretty decent interest rates first time round - not sure if the figures quoted are the actual interest rates or margins over LIBOR though? But with LIBOR being so low its almost academic.

Although it talks about low interest rates in US, the refinancing will be in sterling, unless he's got some fancy forex deal to mitigate the risk of refinancing in US$'s - and I doubt that.

Once the bonds are in place though with maturity dates being 15-30 years out it in effect means Spurs will only be paying interest until then (< £10m pa) freeing up lots of money for transfers. Having said that most bonds would require the borrower to save some of the capital repayments in a special reserve - meaning Spurs keep the cash so cant spend it ! How all that works out will be in the bond documents and may not be immediately clear !
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They are the actual bond yields on those government maturities so the rates Spurs got are likely to be a bit higher but not significantly in the big scheme of things.
 
Nutter-Naylor said:
They are the actual bond yields on those government maturities so the rates Spurs got are likely to be a bit higher but not significantly in the big scheme of things.
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Thanks. Could have sworn I'd seen the actual interest rates somewhere, but cannot find them atm.

However in the accounts (note 15) it says :

Interest rate profile of financial liabilities (all Sterling)

2018 £ 460,683 3.0% average.

Rather think the £450m debt interest rate was in the high 2%'s (maybe 2.8% ish) , which would be compatible with the 3% average in the accounts across a number of bank liabilities, and not dissimilar to what you say re bond rates.
 
Nutter-Naylor said:
They are the actual bond yields on those government maturities so the rates Spurs got are likely to be a bit higher but not significantly in the big scheme of things.
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The loan pays a margin ranging from 225bp to 300bp over Libor.
www.reuters.com

LPC-Tottenham Hotspur nets £400m stadium loan

English Premier League football club Tottenham Hotspur has signed a £400m (US$514.88m), five-year loan to finance the construction of its new 61,500-seat stadium, the club announced on Wednesday.
www.reuters.com www.reuters.com

LIBOR today is 1.97%, was a little lower in 2017 but in the intervening period was a high as 3%. Still at historic lows - in 2000 LIBOR went over 7% for example
 
Spursidol said:
The loan pays a margin ranging from 225bp to 300bp over Libor.
www.reuters.com

LPC-Tottenham Hotspur nets £400m stadium loan

English Premier League football club Tottenham Hotspur has signed a £400m (US$514.88m), five-year loan to finance the construction of its new 61,500-seat stadium, the club announced on Wednesday.
www.reuters.com www.reuters.com

LIBOR today is 1.97%, was a little lower in 2017 but in the intervening period was a high as 3%. Still at historic lows - in 2000 LIBOR went over 7% for example
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Seems a bit lumpy but it is was it is.
 
Fuck's sake, here we go again...

Persistent standing in the South Stand

official.tottenhamhotspur.com

Dear Supporter,

Ahead of Sunday’s match against Newcastle United, we are writing to remind fans that persistent standing in our South Stand is not permitted.

Although we fully expect fans will rise up from their seats during key moments of the match, persistent standing during matches is against Ground Regulations. If we do not address the issue, we run the risk of safety authorities having to close parts of the stadium.

Persistent standing was not allowed at White Hart Lane and it is not allowed in our new stadium.

The safety bars in place at the front of the South Stand are there so that the stadium is future-proofed in the event of legislation on safe standing changing – it does not mean that fans in these areas can stand throughout the match.

Fans may not stand in any areas within the bowl during a match – this includes on accessible platforms and in aisles/gangways.

As well as the obvious safety issue it presents, we have received numerous complaints from your fellow fans whose matchday experience has been ruined by those in front of them standing throughout the match, obstructing their views of the action.

Therefore, when asked by a steward to take your seat, please take a moment tothink about the implications to your fellow supporters and kindly follow the instruction.

Aggressive behaviour towards our stewards who make this request in the interests of those around you is unacceptable and we shall eject fans on the day and ban immediately or retrospectively if necessary.

As was reported towards the end of last season, the Club was forced to issue banning orders to fans who were found guilty of persistent standing – this is not something we want to have to do again.

If you witness persistent standing close to you at any of our matches - along with any form of anti-social, abusive or discriminatory behaviour, homophobic language, crime, vandalism, violence, the use of smoke bombs or pyrotechnics - please send a text to 07537404821 along with your location (block/row/seat) and the location of the offence (block/row/seat).

Text 07537404821 with - STAND (persistent standing); FOUL (language & behaviour); RACISM (racist chanting & shouting); HPH (homophobic chanting);DRINK (drinking alcohol in view of the pitch); SMOKE (smoking in the stadium);;PYRO (use of or intended use of any pyrotechnic or smoke bomb).

We are proud of the fantastic support our fans show the team throughout the season and the incredible atmosphere created.

Let’s respect fellow fans, our stewards and our new home.

We look forward to seeing you on Sunday.

Kind regards,

Tottenham Hotspur
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Trying to spin it as the authorities forcing them to have to crack down on it. Bullshit...
 
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