Barcelona to finish paying stadium revamp debt 5 years earlier under new terms

MADRID : FC Barcelona will finish repaying the debt taken on to finance a revamp of its stadium five years earlier than previously agreed after renegotiating a 1.5 billion euro ($1.6 billion) financial plan with Goldman Sachs and JP Morgan, according to a report in Spanish news website El Confidencial and newspaper La Vanguardia on Thursday.

The interest rate will be 5.5 per cent, according to the reports, although the Club has insisted on being able to refinance the loan after five years, with the aim of renegotiating and lowering the rate once the stadium is up and running.

Under the new terms, Barca committed to making the final repayment in 2047 instead of 2052.

Club officials were not immediately available for comment.