Deals
Manchester United’s Glazer PIK Loan Interest Rises to 16.25%
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Manchester United’s owners begin paying 16.25 percent interest this week on a loan they took out to refinance their purchase of the 18-time English soccer champions, company filings show.
U.S. billionaire Malcolm Glazer, the 82-year-old owner of the Tampa Bay Buccaneers, will pay the rate on more than 200 million pounds ($312 million) of payment-in-kind notes due 2017, according to data compiled by Bloomberg. PIK loans are typically used to hold down cash expenses in leveraged buyouts because they carry coupons that accumulate and are paid on maturity or when the debt is redeemed.