Glazers raise £500m through bond issue – report 22/01/2010 |
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The Glazer family is thought to have raised their target of £500m through a bond issue to help get Manchester United’s debts under control.
The Times reports that a formal announcement is due when the New York Stock Exchange opens this morning (Jan 22).
The paper says that more than 50 low-risk investors, primarily insurers and pension-fund providers, have put up the money at a fixed annual interest rate of 9 per cent. The interest must be paid quarterly.
According to the latest accounts for the year ended June 2009, United owed £509m to international banks. The money raised through bonds will be used to pay back that debt, secured against the club.
While the annual interest bill will remain largely unaffected, United will be freed of the strict financial conditions imposed by lenders, which helps buy the Glazers some valuable breathing space.
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