English football club Tottenham Hotspur has inked a five-year £400m financing arrangement for the construction of a new mixed-use stadium.
The new funding replaces a £200m interim financing agreed in December 2015 for the 61,500-seat stadium project.
Until now, the club has spent over £340m on land acquisition, planning process and build costs, which were funded with the club’s resources and £100m drawn under the interim funding.
The rest of the project’s expenses will be funded from the new loan and the club. At the same time, ENIC Group committed to a £50m letter of credit facility for the project.
Bank of America Merrill Lynch, Goldman Sachs Bank and HSBC Bank are lenders under the new financing, and HSBC is also offering a £25m working capital facility. These three banks were also the lenders under the interim financing.
Tottenham director of finance and operations Matthew Collecott said: “We are delighted to have three of the most prestigious and globally recognised banks supporting us.
“We look forward to continuing our relationship with them and our main contractor Mace as we move into the final stages of our journey to deliver the catalyst to one of London’s largest regeneration projects."