Barcelona announced on Friday that it had completed the second and final tranche of media notes worth 105 million euros. The club said that closes a financing file with a total value of 210 million euros.
Subscription and pricing
Barcelona said the process began last July. The club said international investors fully covered the closed subscription in no more than 24 hours.
Barcelona said the profit margin in this issuance reached 202 basis points, matching the margin achieved last July. The club also said part of the structure was offered at an interest rate of 5.14% amid demand that beat expectations.
Timetable and purpose
Barcelona said it brought forward the deal's completion date ahead of the planned timetable because of the strength of the offers during the marketing process. The club said the additional financing was a strategic measure to bridge the time gap between the start of repaying costs tied to the Espai Barça project and the Spotify Camp Nou stadium reaching full operational capacity, along with the resulting direct impact on cash flows.
Structure and maturity
Barcelona said the new issuance continues the existing notes structure the club issued in 2021 and 2024. The club said the notes mature in October 2036 and grant holders repayment priority over the club's television broadcast revenues.
Rating and GOAL report
Barcelona said that following the issuance it held its credit rating at BBB with a stable outlook from Morningstar DBRS. GOAL reported that Goldman Sachs led the process of expanding the financing for the Espai Barça project, which was also approved at the latest General Assembly.