22-01-2010, 07:49 AM
Glazers set to successfully complete Manchester United £500m bond offer
• Announcement to New York Stock Exchange expected today
• Offer gives family flexibility from lenders' conditions
The Glazer family is expected to announce to the New York Stock Exchange today that their £500m bond issue has been fully subscribed.
A 322-page prospectus released for the issue showed Manchester United's total debt stands at £716.6m but, according to reports in the Times, more than 50 investors, primarily insurers and low-risk pension fund providers, have taken up the offer at a fixed annual interest rate of nine per cent, with the interest to be paid quarterly.
The bond offer, secured on United's stadium and other assets, gives the Glazer family flexibility from the strict lending conditions imposed by banks.
The Glazers have made provision to channel up to £127m back into the parent company in the first year alone to start paying down the club's enormous debt.
source:
www.guardian.co.uk
• Announcement to New York Stock Exchange expected today
• Offer gives family flexibility from lenders' conditions
The Glazer family is expected to announce to the New York Stock Exchange today that their £500m bond issue has been fully subscribed.
A 322-page prospectus released for the issue showed Manchester United's total debt stands at £716.6m but, according to reports in the Times, more than 50 investors, primarily insurers and low-risk pension fund providers, have taken up the offer at a fixed annual interest rate of nine per cent, with the interest to be paid quarterly.
The bond offer, secured on United's stadium and other assets, gives the Glazer family flexibility from the strict lending conditions imposed by banks.
The Glazers have made provision to channel up to £127m back into the parent company in the first year alone to start paying down the club's enormous debt.
source:
www.guardian.co.uk