Today a financing operation has been formalised between Levante Unión Deportiva SAD and Benjamin de Rothschild Infrastructure Debt Generation (BRIDGE), a debt fund platform for infrastructure projects managed by Edmond de Rothschild Asset Management, through a project finance scheme, for an amount of up to sixty million euros.
The purpose of the operation is to finance the remodeling works of the "Ciutat de Vàlencia" stadium, the construction of the new sports city in Nazaret; and the cancellation of credit in favour of Caixabank SA and Cajas Rurales Unidas, Sociedad Cooperativa de Crédito guaranteed with a mortgage on the Stadium.
In this sense, both parties have agreed to structure the operation in a phased manner into three sections. The first section is intended for the first phase of remodeling the stadium and paying off the loans guaranteed with the mortgage on it. A second tranche to finance the construction of the new sports city in Nazaret and the last tranche for the subsequent phases of the stadium remodeling. The estimated amortization of the operation will be in twelve years.
In accordance with the terms signed by the parties and to structure the operation, a vehicle company has been created, Levante UD Nuevos Desarrollos SL, of which Levante UD SAD is its sole partner. The project finance scheme proposed by the financier to structure the Operation will imply that the company Levante UD Nuevos Desarrollos SL will be the owner of the concession of the land for the new sports city in Nazaret.
With this operation, the Board of Directors of Levante UD fulfills its objective of restructuring its debt, leaving behind the credits with privileged rights with its financial creditors and designing a new financial structure with which to face the remodeling of the "Ciutat de Valéncia” to adapt it to LaLiga's technical requirements. The stadium will become a renovated facility that will generate new income that, together with the new sports city in Nazaret, will be a benchmark for its modernity and avant-garde in Valencia.