DLA Piper advises on €424m issuance of notes to finance development of Spotify Camp Nou stadium

DLA Piper has advised a consortium institutional investors acting as noteholders, and Goldman Sachs as placement agent, on the issue of €424 million in notes to support the reconstruction of FC Barcelona’s stadium, the Spotify Camp Nou, as part of the Espai Barça project. The funds will be used to partially refinance an existing facility extended to the borrower, a Spanish securitisation fund.

This latest issue is a continuation of the financing arranged through a pioneering structure put in place by DLA Piper, that utilises a Spanish law securitisation fund, regulated and approved by the Spanish Securities Exchange Commission (the CNMV). The financing obtained through this structure will start amortising from 2033 and is expected to be fully paid off by 2050 using revenues generated by the redeveloped Spotify Camp Nou.

A cross-border and multidisciplinary team from DLA Piper’s UK, Spain, and US offices worked on the transaction led by partners Charlotte Lewis-Williams, Jennifer Dinsmore (both Finance), Andrés Lorrio (Capital Markets), and senior counsel Tony Lopez. They were supported by senior associates Alberto Rubio Medrano and Sara Espina Sanchez, associates Devanshu Jain, Natasha Chong, and Diego Sanchez, and trainee solicitor Dexter Lee.