Winston & Strawn Serves as Counsel in San Francisco 49ers $850 Million Stadium Refinancing

Winston & Strawn represented the Co-Lead Arrangers (Goldman Sachs, Bank of America and U.S. Bank) in an $850 million private financing deal with the San Francisco 49ers for a new, approximately 68,500 seat, professional football stadium in Santa Clara, CA.

The financing required the debt to be split into three components: $449 million of 26-year fixed rate notes; $100 million of ten-year floating rate notes; and $301 million of a five-year, multi-draw term loan bank facility. The structuring of the deal necessitated a careful balancing of various intercreditor issues among the note purchasers, bank lenders and the NFL itself, which also provided a loan in a separate, but contemporaneous construction financing. Our multi-discipline and cross-office team navigated the interests of all parties successfully and was able to create the necessary structure, identify and implement the required collateral and documentation packages, and facilitate the multi-layered financing.

The Winston & Strawn core deal team included Alan Hoffman, Jason Hellwig, and David Neier.