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Manchester United to place $425 million notes
By Lisa Kerner
Charlotte, N.C., May 27 – Manchester United plc’s subsidiary MU Finance plc will issue $425 million of new 3.79% senior secured notes due 2027 to institutional investors.
The offer is expected to close on or about June 26.
Proceeds will be used to redeem the remaining $269.18 million of the company’s outstanding 8 3/8% notes due 2017 on June 27, according to a news release.
Also, proceeds will be used to reduce the company’s original secured term facility and for general corporate purposes.
Manchester United is a professional soccer franchise based in Manchester, England.
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