None of us knows the exact detail, but we can see the average maturity is 19.4 years from this part of the statement:
Over 90% of our financial borrowings of £851.2m, are at fixed rates, with an average interest rate of 2.79%. The average maturity of all our borrowings is 19.4 years, some of which stretch until 2051
And we can see the earliest maturity date of all the bonds is March 2028, so I'm sure Danny has a stern eye on these things.
from page 37 of
https://www.tottenhamhotspur.com/media/v24hfkyo/tottenham-hotspur-limited-300623.pdf
I can't copy and paste the text, seems to be an image, can anyone convert page 37 to text using software?
That page also explains the £637m of loans is composed of £525m of bonds and £112m from Merrill Lynch
And also that the £50m drawdown facility with HSBC expires at Christmas
Page 37:
The Investec Bank facility used to fund the construction of the new Training Ground and secured against the new Training Ground site was repaid in full on 31 March 2023 and subsequently was nil at the balance sheet date
In September 2019 the Group closed its refinancing of the pre-existing £637,000,000 loans put in place to support the construction of THS and secured against THS. The £637,000,000 stadium refinancing package includes £525,000,000 from issue of long-term bonds to U.S. investors through a private placement and another £112,000,000 from a loan from Bank of America Merrill Lynch, who also managed the bond issue. As at the balance sheet date the refinancing package had an average maturity of 20.5 years and a weighted average coupon of 3.15%.
In June 2021 a further €250,000,000 was raised through the issue of long-term bonds to US investors through a second private placement necessitated by the impact of COVID-19. As at the balance sheet date this tranche of financing had an average maturity of 18.4 years and a weighted average coupon of 2.83%. €50,000,000 of this was used to repay part of the Bank of America Merrill Lynch loan. The remaining £62,000,000 is at an interest rate of 1.4% plus SONIA with a Credit Spread Adjustment.
In March 2023 the facility with Bank of America Merril Lynch was extended by £19,000,000 as part of the debt restructure that saw the Investec loan repaid. The £19,000,000 is at a rate of 1.75% plus SONIA with a Credit Spread Adjustment with a bullet repayment in March 2028.
The earliest maturity date within the refinancing package as a whole is March 2028 and the package has an average maturity of 19.6 years, with a weighted average coupon of 3.14%, net of debt issue costs. The debt stack includes a 30-year tranche, with a bullet repayment in 2051.
The refinancing package is shown in the financial statements net of €4,915,800 of associated loan arrangement costs which are being amortised over the term of the loan.
The Group has a revolving credit facility with HSBC Bank Pl of €50,000,000 expiring in December 2024, also secured against THS. At the balance sheet date €nil (2022: Enil) was drawn.
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