Manchester United Ltd Sets IPO Terms-Reuters

Tuesday, 31 Jul 2012 05:23am EDT 

Reuters reported that Manchester United set the terms for its U.S. initial public offering, saying it will offer 16.67 million shares at between $16 and $20 each, which values the club at $3.3 billion at the top of the range. The club and the Glazers each will be selling half the IPO shares in an offering that will raise as much as $333 million. The club's proceeds from the IPO will be used to reduce its debt. The Glazers will remain in a dominant position after the offering with 89.8% of the Combined class A and B shares. Jefferies Group Inc is the lead book runner in the syndicate, which also includes Credit Suisse, JPMorgan Chase, Bank of America Merrill Lynch and Deutsche Bank. The Company will list on the New York Stock Exchange under the ticker 'MANU'. Morgan Stanley bowed out of bringing the deal to market when Manchester United decided to list 

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