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United refinances high-interest debt, cuts costs

Rob Harris, AP Sports Writer

LONDON (AP) -- Manchester United says it has refinanced more than $290 million of high-interest debt, cutting the club's interest costs by around $15 million a year.

Fresh from winning a 20th English title, United says in a statement to The Associated Press that it has secured a new loan from Bank of America with far lower interest rates.

United has refinanced $269 million of outstanding 8.75 percent interest sterling bonds and $22.09 million of 8.375 percent dollar bonds.

United says the new loan would have an estimated starting interest rate of around 2.78 percent. The club has a total debt of $559.4 million.