August 23 – Premier League Tottenham Hotspur, now settled in the £1 billion new stadium and having spent over £100 million in August on players, are refinancing more than £400 million of bank debt.
The club was operating with a £637 million from Bank of America, Goldman Sachs and HSBC that was due to be paid back end of April 2022.
Bank of America has launched a private placement bond scheme that has staggered maturities of between 15 and 30 years. Spurs seem likely to use the money pay off other bank loans they have at comparatively unfavourable interest rates.
The effect of the bonds will be to push the debt repayments back and freeing up cash for the short term. During the building of their new stadium Spurs were parsimonious in the transfer window. The £100 million spend in the Summer transfer window looks to be a recognition that they are unlikely to achieve the honours they crave without investing in their squad. Coming second is not the same as coming first.
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