Tottenham's Lucas Moura. Credit: Shutterstock.comSlaughters Nets £600M Tottenham Stadium Financing Mandate
The Magic Circle firm is acting alongside DLA Piper and two US firms in helping the club secure the financing.
September 20, 2019 at 08:02 AM
2 minute read
Slaughter and May is advising Premier League football club Tottenham Hotspur on a refinancing deal for the construction of its new stadium.
The deal sees Tottenham obtain a long-term financing – by way of bank facilities and 'private placement notes' – totalling £637 million that will be used to repay the short-term bank debt raised during the construction of the stadium.
Slaughters has deployed a team led by financing partner Simon Hall, real estate partner John Nevin and tax partner William Watson, with the team advising on all aspects of the deal, primarily on the issue of £525 million in private placement notes, with maturity dates ranging from 15 to 30 years.
The Tottenham Hotspur Stadium, which opened last April, cost about £1 billion to build and can seat more than 62,000 spectators.
Slaughters previously advised the football club on its existing stadium financing arrangements in 2017.
The Magic Circle firm is also advising the club on a new £112 million term loan facility with Bank of America Merrill Lynch, as well as a revolving credit facility with HSBC on which DLA Piper finance partner Paul Gray is advising.
When the firm originally obtained financing for the new stadium in 2017, DLA again acted for HSBC as well as lenders Bank of America Merrill Lynch and Goldman Sachs. The team at the time was again led by Gray in London, and former partner Randi Bernstein in New York.
Bank of America Merrill Lynch is being advised by U.S. firm McGuire Woods, according to a person involved in the deal, while the noteholders turned to Chicago-based firm Chapman & Cutler.
Slaughters also has a strong relationship with Tottenham's key Premier League rivals Arsenal, which the firm has advised for a number of years, including on the latest transfer window, with partners Andrew Jolly and Paul Mudie advising.
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