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.