Refinancing the debt

Rob Harris ‏@RobHarris 15m
Exclusive: Man United refinancing $290M+ of high-interest debt. Interest of around 2.8% instead of 8%+. Saving approx £10m/yr in payments

Retweeted by Andy Green

Man United's debt is £370M. Bank has refinanced £192.34M of bonds to lower interest rate. Club to pay around £10m less in interest payments.


Am told Man United's annual interest payments to come down from £31M to about £21M with new loan from Bank of America.

Rob Harris‏@RobHarris

£10m a year saving. Kerching!

Save nearly as much as getting rid of rooney's wages...

Originally Posted by That Boy Ronaldo!

£10m a year saving. Kerching!

So that's two £20m players we can sign and pay for over the course of their contract. Get in. Or a new yacht or two for Joel and Avi.

We've only got £370m debt now.

Wasn't it about £680m when they first took over?

Originally Posted by That Boy Ronaldo!

£10m a year saving. Kerching!

BoA saved Merrill Lynch, now they're helping out United. Top Reds.

When's the club signing Bale?

Originally Posted by Sparky***

We've only got £370m debt now.

Wasn't it about £680m when they first took over?

Hate the bastards - they're going have a £1 - £1.5b asset from spending nothing of their own money

Originally Posted by Sparky***

We've only got £370m debt now.

Wasn't it about £680m when they first took over?

Sounds about right. They've been very kind to the finance industry have our beloved owners. Lots of interest payments and arrangement fees.

Originally Posted by Shooter McGavin

Hate the bastards - they're going have a £1 - £1.5b asset from spending nothing of their own money

Obviously, they're just businessmen.

it's taken them 8 years to knock £300m off the debt......in that time it's been pretty much constant success, along with selling our best player for the best part of £100m...3 champions league finals....5 league titles....

makes you wonder how long it will take to pay the rest off if moyes doesn't deliver..

Originally Posted by Shooter McGavin

Hate the bastards - they're going have a £1 - £1.5b asset from spending nothing of their own money

Jealousy gets ya nowhere bro - only jealous they thought of it before ya!

I read something lately (I think on that Andersed blog) that the analysts, even some of the most critical ones, believe the glazers could cut the debt by at least half again in the next two or three years. In five years it could be cleared.
That's staggering when you think of the shit they dragged us into in 2005.

Originally Posted by Sparky***

it's taken them 8 years to knock £300m off the debt......in that time it's been pretty much constant success, along with selling our best player for the best part of £100m...3 champions league finals....5 league titles....

makes you wonder how long it will take to pay the rest off if moyes doesn't deliver..

Why bother paying it off? They can knock another £100m or so off in the next 5 years probably, one way or another. Then they might have interest payments of about say £15m a year. Peanuts really considering the new TV deals etc.

Originally Posted by Aman27deep

Obviously, they're just businessmen.

If it was so easy we'd have been bought years before

Originally Posted by Sparky***

it's taken them 8 years to knock £300m off the debt......in that time it's been pretty much constant success, along with selling our best player for the best part of £100m...3 champions league finals....5 league titles....

makes you wonder how long it will take to pay the rest off if moyes doesn't deliver..

They were ducking and diving for 5 years, not repaying any debt and refinancing to try and kick it down the road. Much though it hurts to say, they're in the clear now and with the massive increase in TV monies are sitting very pretty.

Originally Posted by The Stella Fella

Jealousy gets ya nowhere bro - only jealous they thought of it before ya!

Tell me about it

Originally Posted by dinger

I read something lately (I think on that Andersed blog) that the analysts, even some of the most critical ones, believe the glazers could cut the debt by at least half again in the next two or three years. In five years it could be cleared.
That's staggering when you think of the shit they dragged us into in 2005.

Imagine our dominance and year after year purchases then

Originally Posted by Mr Kaboom

They were ducking and diving for 5 years, not repaying any debt and refinancing to try and kick it down the road. Much though it hurts to say, they're in the clear now and with the massive increase in TV monies are sitting very pretty.

correct.

The amount the club brings in now is probably double than pre yanks.

I love our owners