When you are one of the world’s biggest sporting franchises you can at least be sure of investor attention when looking to raise cash. UK football club Manchester United receives more than its fair share of attention at the best of times but the 2005 buyout of the club by US-based businessman Malcolm Glazer has been the focus of comment from financiers and furious fans alike ever since.
In late January, however, Manchester United took a significant step towards refinancing the debt burden it took on with the Glazer takeover when it issued a £500 million ($809 million) seven-year (non-call three) high-yield 144a/Reg S issue.
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