According to Mundo Deportivo, Barcelona will request an additional €300 million credit at the General Assembly on 19 September to complete the renovation of Spotify Camp Nou stadium.

Barcelona's General Assembly agenda shows that the club will ask member representatives to approve an expanded credit limit to complete the Spotify Camp Nou project. The club informed member representatives that the amount being requested for this application is "up to €300 million, to complete the stadium project." The agenda does not mention the new Palau Blaugrana.

This financing is "an additional issuance beyond the €1.5 billion approved initially." The initial financing cost was 5.53%, with spreads ranging between 256 and 446 basis points, and one tranche also required an additional coupon payment.

Barcelona emphasized that the club "has completed several refinancing operations without increasing the financing amount, as initially outlined, with the aim of balancing repayment schedules." The current average financing cost is 6.15%, with recent operations carrying a spread of 242 basis points.

Regarding debt management, Barcelona stated that the club "maintains the existing structure through a securitization fund, which obtains collection rights from specific revenue streams related to the operation of Spotify Camp Nou."

The club also explained that "due to the increased debt size and in accordance with the relevant initial provisions of the securitization fund, the benchmark revenue structure will be temporarily adjusted. Before the project is completed and a set of specific financial ratios are met, relevant revenues will first be used to repay debt, with remaining funds returned to the club."

The repayment period for the entire financing structure is up to 30 years and can be refinanced within this maximum period.

Barcelona expects Goldman Sachs to be responsible for structuring this financing and ultimately closing the transaction with long-term institutional investors.

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