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United refinances high-interest debt, cuts costs

United refinances high-interest debt, cuts costs

Manchester United says it has refinanced more than $290 million of high-interest debt, cutting the club's interest costs by around $15 million a year.
Fresh from winning a 20th English title, United says in a statement to The Associated Press that it has secured a new loan from Bank of America with far lower interest rates.
United has refinanced 177.78 million pounds ($269 million) of outstanding 8.75 percent interest sterling bonds and $22.09 million of 8.375 percent dollar bonds.
United says the new loan would have an estimated starting interest rate of around 2.78 percent and that interest payments should come down from around 31 million pounds to 21 million pounds per year ($31.7 million).
The club has a total debt of 370 million pounds ($559.4 million).


Updated : 2021-03-07 16:55 GMT+08:00