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Manchester United announce £500m Bond issue

Mon 11th Jan 2010 | Money & Finance

Manchester United have announced that it will be seeking to raise approximately £500 million aggregate principal amount from an offering of senior secured notes due 2017.

The notes, whose proceeds will be used to refinance existing debt secured against the Club, will be issued by MU Finance plc.

None of the notes or the guarantees to be issued in the offering have been or will be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

Having  also announced pre-tax profits of £48.2 million and turnover of £278.5 million for the year ending June 30, in which they also recorded an £80.7 million profit on player transfers after the sale of Cristiano Ronaldo to Real Madrid.

United’s impressive-looking financial performance has been overshadowed by concerns about their debts. The debt, reported at £699 million 12 months ago, is not disclosed in this morning’s press release – although it will be recorded in the documents that have been lodged with Companies House – but the Glazers’ growing concern over their existing borrowing arrangements has led them to try to raise £500 million via a bond issue.

Manchester United state that this announcement does not constitute an offer to sell or a solicitation to buy in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction and is not intended to provide the basis for any credit or other evaluation of any securities or offering referred to herein.

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