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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.

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