12/06/2026
Manchester United Issues $550 Million in New Debt to Refinance Existing Notes
Manchester United has issued $550 million in new Senior Secured Notes as part of a debt refinancing exercise aimed at extending its repayment timeline and aligning its financing arrangements.
On 10 June 2026, the club issued 5.36% Senior Secured Notes due 10 June 2031. The proceeds will primarily be used to repay the club’s existing 3.79% Senior Secured Notes due June 2027.
Details of the New Notes
The new notes were issued through a private placement and are guaranteed by certain subsidiaries of Manchester United. They are secured against specific assets and contain financial and negative covenants similar to the club’s existing debt facilities.
The club has the option to prepay all or part of the notes (in increments of at least 5% of the principal) at any time, subject to a make-whole premium. The notes were offered under exemptions from U.S. securities registration requirements and are not being offered or sold in the United States without proper registration or exemption.
Purpose of the Transaction
Manchester United has stated that the funds will be used for two main purposes:
To fully repay the outstanding principal, accrued interest, and make-whole premium on the existing 2027 Notes.
For general corporate purposes.
Alongside the new notes, the club also entered into amendments to its existing Term Facility Agreement and Revolving Facility Agreement. These changes align the covenants, baskets, and financial covenant levels with those in the new Note Purchase Agreement.
Context
This move represents a standard refinancing exercise, allowing Manchester United to replace shorter-dated debt (maturing in 2027) with longer-term financing that matures in 2031. The interest rate on the new notes (5.36%) is higher than the previous facility, reflecting current market conditions.
The transaction does not involve any new money being injected into the club beyond replacing existing debt. It is a restructuring of the club’s existing liabilities rather than an increase in overall borrowing.
