Manchester United GBP 500m bond issue success
Monday 25th January 2010
By Mike Jones
Manchester United have raised £504million through a bond issue.
The success means the money will pay off nearly all of the Premier League club's outstanding debts of £509million.
The organisation - owned by the US Glazer family - now faces an annual interest bill of £45million on the bonds.
Recent figures showed debts at the club's parent firm, Red Football Joint Venture, rose to £716.5million (US $1.17billion) in the year to June 2009.
The bond was sold in two groups - one of £250million with a coupon rate to bond holders of 8.75%, and another tranche of US $425million with a coupon rate of 8.375%.
The seven-year bonds will not mature until 1 February 2017.
Have your say on this story using the comment section below
blog comments powered by Disqus
(0) Comments | Report Abuse
Editorial Contact Details - Conor Shilling