Manchester United Increase Debt to £728m After Major Refinancing Deal
Manchester United have completed a significant refinancing package that has increased the club's long-term debt while extending the repayment timeline for borrowings associated with the Glazer family's takeover. According to documents filed with the U.S. Securities and Exchange Commission, the club has refinanced its $425 million (£318m) senior secured notes, which had originally been due for repayment next year. Manchester United extend debt repayment to 2031, increase borrowing to $550m and continue pursuing transfer targets. Getty Images Sport The restructuring has raised the value of those notes to $550 million (£412m). At the same time, the interest rate attached to the debt has increased from 3.79 per cent in 2015 to 5.36 per cent. The higher rate is expected to cost the club approximately £9.7 million more per year. One benefit of the arrangement is the extension of the repayment deadline to 2031. However, that comes alongside increased annual in...