STOCK TITAN

Manchester United (NYSE: MANU) sells $550,000,000 5.36% secured notes due 2031

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Manchester United plc reports that its indirect subsidiary, Manchester United Football Club Limited, issued $550,000,000 in aggregate principal amount of 5.36% Senior Secured Notes due June 10, 2031 in a private placement. The notes are unconditionally guaranteed by certain other indirect subsidiaries and secured against specified assets.

The note purchase agreement includes financial and negative covenants that are substantially similar to those on the Company’s existing 3.79% Senior Secured Notes due June 26, 2027. The Company may prepay all or part of the new notes at 100% of principal plus accrued interest and, in most cases, a make-whole premium. The notes were offered under Section 4(a)(2) and Rule 506 of Regulation D and are not registered under the Securities Act. A related subsidiary also entered seventh and fourth amendment-and-restatement agreements to update its existing term and revolving credit facilities.

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Insights

Manchester United adds $550M of long-dated secured debt at 5.36%.

The club’s financing arm has issued $550,000,000 of 5.36% Senior Secured Notes due 2031, guaranteed by group subsidiaries and secured on certain assets. Covenant terms are described as substantially similar to the existing 3.79% senior secured notes due 2027, suggesting continuity in lender protections.

The transaction is a private placement under Section 4(a)(2) and Rule 506 of Regulation D, so the notes are not registered for public resale in the U.S. The issuer has prepayment flexibility, but most early redemptions require a make-whole premium, which typically protects investors’ expected yield while limiting the issuer’s incentive to refinance if rates fall.

Related amendments and restatements to the term and revolving credit facilities with Bank of America Europe indicate a broader refresh of the bank financing package alongside the new notes. Future company filings may clarify how this new debt interacts with plans for any prepayment of the existing 2027 notes referenced in forward-looking statements.

New notes principal $550,000,000 Aggregate principal amount of 5.36% Senior Secured Notes due June 10, 2031
Coupon rate 5.36% Interest rate on new Senior Secured Notes due June 10, 2031
New notes maturity June 10, 2031 Maturity date of 5.36% Senior Secured Notes
Existing notes rate 3.79% Coupon on Senior Secured Notes due June 26, 2027 used as covenant benchmark
Existing notes maturity June 26, 2027 Maturity of existing 3.79% Senior Secured Notes referenced for covenants
Securities Act exemption Section 4(a)(2) and Rule 506 Exemptions used for private placement of new notes
Senior Secured Notes financial
"issued $550,000,000 in aggregate principal amount of 5.36% Senior Secured Notes due June 10, 2031"
Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.
make-whole premium financial
"together with interest accrued thereon ... plus (subject to certain exceptions) a make-whole premium"
A make-whole premium is an extra payment a borrower must give bondholders when repaying debt early to compensate them for lost future interest; think of it as a lump-sum “catch-up” to leave lenders financially where they would have been if the loan had run its full term. It matters to investors because it affects how much they receive on early redemption and influences a company’s decision to refinance or repay debt, altering bond value and expected returns.
Regulation D regulatory
"Rule 506 of Regulation D promulgated thereunder"
Regulation D is a set of rules that govern how companies can raise money from investors without going through the full process required for public stock offerings. It provides simplified options for private placements, making it easier for companies to seek investments from a smaller group of investors. For investors, it offers opportunities to invest in private companies, often with fewer restrictions, but also with different levels of risk and disclosure.
forward-looking statements regulatory
"This Report of Foreign Private Issuer on Form 6-K contains forward-looking statements."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
negative covenants financial
"The Note Purchase Agreement contains financial and negative covenants substantially similar to the Company’s existing 3.79% Senior Secured Notes"
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FAQ

What new debt did Manchester United (MANU) issue in June 2026?

Manchester United’s subsidiary issued $550,000,000 of 5.36% Senior Secured Notes due June 10, 2031. These notes are guaranteed by certain indirect subsidiaries and secured on specified assets, expanding the group’s long-term secured debt profile.

Are Manchester United’s new 5.36% Senior Secured Notes registered with the SEC?

The new notes are not registered under the Securities Act. They were sold using exemptions under Section 4(a)(2) and Rule 506 of Regulation D, so they may only be resold in transactions that comply with applicable registration or exemption requirements.

How do the covenants on Manchester United’s 2031 notes compare to its 2027 notes?

The note purchase agreement states that financial and negative covenants on the 5.36% notes due 2031 are substantially similar to those on the existing 3.79% Senior Secured Notes due June 26, 2027, indicating a comparable lender protection framework.

Can Manchester United prepay its new 5.36% Senior Secured Notes early?

Yes. The company may prepay all or part of the notes, in minimum partial amounts of 5% of outstanding principal, at 100% of principal plus accrued interest and, with certain exceptions, a make-whole premium as defined in the note purchase agreement.

What other financing agreements did Manchester United amend alongside the new notes?

An indirect subsidiary entered a seventh amendment and restatement of its term facility and a fourth amendment and restatement of its revolving facility with Bank of America Europe, updating the existing term and revolving credit agreements.

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of June, 2026
Commission File Number: 001-35627

 

MANCHESTER UNITED PLC

(Translation of registrant’s name into English)

 

Old Trafford

Manchester M16 0RA

United Kingdom

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7). o

 

 

 

 

 

 

THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE FOLLOWING REGISTRATION STATEMENTS OF THE REGISTRANT:

 

THE REGISTRATION STATEMENT ON FORM F-3 (NO. 333-282120) ORIGINALLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) ON SEPTEMBER 13, 2024, AS AMENDED, AND THE REGISTRATION STATEMENT ON FORM S-8 (NO. 333-183277) ORIGINALLY FILED WITH THE SEC ON AUGUST 13, 2012, AS AMENDED.

 

 

 

Information Contained in this Report

 

Debt Private Placement

 

On June 10, 2026, Manchester United Football Club Limited (the “Company”), an indirect wholly owned subsidiary of Manchester United plc (the “Registrant”), issued $550,000,000 in aggregate principal amount of 5.36% Senior Secured Notes due June 10, 2031 (the “Notes”) pursuant to a note purchase agreement (the “Note Purchase Agreement”), dated as of June 10, 2026, by and among the Company, certain of the Registrant’s indirect wholly owned subsidiaries, as guarantors (collectively, the “Guarantors”), the purchasers party thereto, and the Bank of New York Mellon, as paying agent.

 

The Notes are unconditionally guaranteed by the Guarantors and are secured against certain assets of those entities. The Note Purchase Agreement contains financial and negative covenants substantially similar to the Company’s existing 3.79% Senior Secured Notes due June 26, 2027 (the “2027 Notes”).

 

The Company may prepay all or a portion of the Notes, in an amount not less than 5% of the aggregate principal amount of the Notes then outstanding in the case of a partial prepayment, upon notice to the holders, for 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such prepayment, plus (subject to certain exceptions) a make-whole premium as set forth in the Note Purchase Agreement.

The Company intends to use the proceeds from the sale of the Notes:

 

·to prepay the outstanding principal amount of the 2027 Notes, together with accrued and unpaid interest thereon and the applicable make-whole premium, in accordance with the note purchase agreement governing the 2027 Notes; and

 

·for general corporate purposes.

 

The Notes were offered and sold pursuant to an exemption from the registration requirements under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 of Regulation D promulgated thereunder. The Notes have not been registered under the Securities Act or applicable state securities laws. Accordingly, the Notes may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

 

Amendments to Term Facility Agreement and Revolving Facility Agreement

 

On June 10, 2026, Red Football Limited, an indirect wholly owned subsidiary of the Registrant, entered into (i) a seventh amendment and restatement agreement with, among others, Bank of America Europe Designated Activity Company, as agent and lender (the “Term Facility ARA”), relating to the existing term facility agreement (the “Original Term Facility Agreement”) and (ii) a fourth amendment and restatement agreement with, among others, Bank of America Europe Designated Activity Company, as agent (the “Revolving Facility ARA”), relating to the existing revolving facility agreement (the “Original Revolving Facility Agreement”). The Term Facility ARA and the Revolving Facility ARA amend and restate the Original Term Facility Agreement and the Original Revolving Facility Agreement (as applicable) to, among other things:

 

·align the Original Term Facility Agreement and the Original Revolving Facility Agreement with the applicable covenants, baskets and financial covenant level set out in the Note Purchase Agreement and other corresponding changes as required to reflect the terms of the Note Purchase Agreement; and

 

 

 

·in the case of the Original Term Facility Agreement only, extend the maturity of the term facility from August 6, 2029 to June 10, 2031.

 

Forward Looking Statements

 

This Report of Foreign Private Issuer on Form 6-K contains forward-looking statements. These forward-looking statements include, but are not limited to, statements about the prepayment of the 2027 Notes, and are based on the current beliefs, expectations and assumptions of the Registrant’s management with respect to future events and are subject to a number of significant risks and uncertainties. It is important to note that the Registrant’s performance, and actual results, financial condition and business could differ materially from those expressed in such forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” or the negative of these words, variations thereof or similar expressions are intended to identify such forward-looking statements.

 

You should understand that forward-looking statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Registrant believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Registrant’s actual financial results or results of operations and could otherwise cause actual results to differ materially from those in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, risks and uncertainties relating to the satisfaction of the conditions precedent to the consummation of the transactions described herein, as well as the various factors discussed in the “Risk Factors” section and elsewhere in the Registrant’s Registration Statement on Form F-1, as amended (File No. 333-182535), and in the Registrant’s Annual Report on Form 20-F (File No. 001-35627), as supplemented by the risk factors contained in the Registrant’s other filings with the SEC. All forward-looking statements contained herein are qualified by these cautionary statements. Except as required by law, the Registrant undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Except as required by law, the Registrant is not under any duty to update any of the information contained herein.

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: June 12, 2026

 

  MANCHESTER UNITED PLC
   
  By: /s/ Joel Glazer
  Name: Joel Glazer
  Title: Executive Co-Chairman