McGuireWoods Acts for Bank of America on Debt Refinancing for Manchester United

May 24, 2013

McGuireWoods London LLP today announced that it has advised Bank of America, N.A. on a new committed term loan facility for MU Finance plc, a subsidiary of Manchester United plc. The proceeds of the facility will be used to refinance £177.78 million of its outstanding sterling 8.75% bonds and the $22.09 million principal of its U.S. dollar 8.375% bonds, resulting in an interest reduction of around £10 million per year.

The McGuireWoods team was led by Marc Isaacs and Loy McKeithen in London and by Kevin McGinnis in Charlotte, N.C., with assistance from Daniel Burns in London, Thomas Cooper in Charlotte and Coraline Fourniols in London.

Allen & Overy acted for Manchester United with Greg Brown leading a team that included Joel Tashjian, Neil Coxhead and Alex Barros-Curtis.

With more than 70 syndicated finance and asset-based lending lawyers in its core offices, McGuireWoods continues to expand its representation of financial institutions and banking clients. In the Thomson Reuters Loan Pricing Corporation’s (LPC) recently released U.S. Lender Law Firm League Table rankings for the first quarter of 2013, McGuireWoods ranked fourth in number of deals, which is up from its overall fifth place ranking in 2012, and eighth in overall dollar volume for its representation of lead arrangers and bookrunners in syndicated debt financings. In the first quarter of 2013, as reported by LPC, the firm’s lawyers closed 23 syndicated financings with commitments of more than $11 billion.