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Old 22-01-2010, 11:44 PM
RedRobbo
 
Default Re: Seems the bond issue is resolved

http://www.timesonline.co.uk/tol/spo...cle6999269.ece

I wonder which of the glazer c***s proof read/wrote the notes.
 
Old 22-01-2010, 11:44 PM
Sloane
 
Default Re: Seems the bond issue is resolved

Sir Alex Ferguson will appeal to Manchester United supporters today to put aside their anger about the Glazer ownership of the club for the benefit of the team.

Dismay over the Americans has reached a peak and Ferguson has come in for personal criticism for not siding with the club’s followers.

However, the United manager wants those who have expressed misgivings about the finances and campaigned for the removal of the owners to remain loyal and not allow themselves to become consumed by fears over the club’s £716.5 million debts.

Ferguson’s plea in his programme notes to preview United’s Barclays Premier League match with Hull City at Old Trafford this afternoon came as the club successfully raised £504 million yesterday through a bond issue.

The bond was sold in two tranches, one of £250 million with a “coupon rate” — or interest rate — to bond-holders of 8.75 per cent and another tranche of $425 million with a rate of 8.375 per cent. The annual interest bill on the bonds will be just under £45 million.

More than 50 low-risk investors, primarily insurers and pension-fund providers, have stumped up the cash. The bond issue was oversubscribed with United offered about £1 billion-worth of investment, although they opted to stick with their original plan to raise half that figure.

The money will be used to pay off the £509 million in loans that the club owe to international banks, although unlike that debt, the seven-year bonds will not mature until February 1, 2017.

The bond issue frees United of the strict financial conditions imposed by the bank lenders. The Americans may now move to pay off part of the payment-in-kind debt, which, according to the latest accounts, stands at £202.1 million. The interest rate will rise two percentage points to 16.25 a year in mid-August unless United make downpayments believed to be of about £20 million.

Ferguson continues to insist that he has money to spend in the transfer market, although, for the fans, seeing is believing.

from the times website
 
Old 23-01-2010, 12:06 AM
borsuk
 
Thumbs down Re: Seems the bond issue is resolved

Quote:
Originally Posted by Sloane
However, the United manager wants those who have expressed misgivings about the finances and campaigned for the removal of the owners to remain loyal and not allow themselves to become consumed by fears over the club’s £716.5 million debts.
did i miss something? at what point did loyalty equate to supporting the glazers?

the supporters who are fighting the glazers are loyal to something that was great well before those c***s bought their first f***ing trailer park.
 
Old 23-01-2010, 12:28 AM
Sloane
 
Default Re: Seems the bond issue is resolved

Quote:
Originally Posted by borsuk
did i miss something? at what point did loyalty equate to supporting the glazers?

the supporters who are fighting the glazers are loyal to something that was great well before those c***s bought their first f***ing trailer park.
i have a feeling this is going to get nasty with people attacking fergie and splitting the fans
 
Old 23-01-2010, 08:27 AM
Mr Kaboom
 
Default Re: Seems the bond issue is resolved

'Fergie,Fergie,tell the truth, should be sung for 15 minutes. It then needs a journo to grow a pair and ask him a direct question about it in the press conference afterwards.
 
Old 23-01-2010, 08:45 AM
magic_cantona
 
Default Re: Seems the bond issue is resolved

Some comments from some of our 'support' on Sky Sports:

Premal Patel (Manchester United fan) says...

I think this is beyond a joke. I wish my club get in trouble with the FA and go down a division through a punishment, sack fergie, the glaziers go and we start again with Arabs managing us and Jose in charged. I only Wish.


Nathan Smith (Manchester United fan) says...

We as Manchester United fans should be happy that the Glazers have found the money to pay off apart of the debt. The issue is that when the Bonds are up in 2017 we may have new owners and pay off all debt and not worry about it any more. Lets just focus on tommorows match against hull and wednesdays game against city. Fergie you are a legend!


:shakehead:
 
Old 24-01-2010, 08:50 AM
stax
 
Default Re: Seems the bond issue is resolved

and it seems to have cost us £54m just to arrange the new bond and get out of the tranche of debt it replaces.

http://business.timesonline.co.uk/to...cle6999775.ece

Manchester United’s controversial bond issue has cost the Premier League football club £54m, it emerged this weekend.

The sum is more than the club would expect to have to pay to sign one of Europe’s top players.

As part of the £500m funds raised by United last week, the club has been forced to pay £15m in fees and expenses to investment bankers and lawyers.

It has also taken a £39m hit from the unwinding of interest rate hedging arrangements on the debt that has been refinanced by the bond. Although the owners, the Glazer family, have managed to defer payment of some liability, the club is still paying £11m of it upfront.
Related Links

* Glazers buy time as bond issue raises £500m

* Bond issue gives United’s owners more freedom

The disclosure that the bond issue has cost United so much is likely to further enrage fan groups, after it was revealed that the club is now saddled with debts of nearly £720m.

It would appear that Manchester United is not the only part of the Glazers’ business empire under pressure. An investigation by The Sunday Times has revealed that the family’s property business, First Allied, which mostly invests in shopping malls, is sitting on a 500,000 sq ft black hole.

First Allied, a key asset for the Glazers, owns smaller “community and neighbourhood” shopping malls across the US. Some of its centres, however, are a third empty, with vacant stores at sites in Virginia, Texas, Georgia and North Carolina.

Ryan Severino, economist at Reis, a property research firm, said vacancies at US shopping malls were at an 18-year high and portfolios like those of the Glazers were being especially hard hit.
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