Secured Loans?

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Manchester United’s $800 million high-yield bond is leading a wave of deals from highly indebted companies, as risk-hungry investors offer them a much-needed opportunity to refinance bank and other expensive debt.

The British soccer champions said on Sunday they would launch a 500 million pound ($797.6 million) high yield offering to help refinance the huge debt taken on by the U.S. Glazer family to buy the club in 2005.

The club is meeting potential investors in Asia and Europe this week before heading to the United States on Jan. 19 to drum up interest for its plan to sell senior secured loan notes to replace existing borrowings secured against the club. Manchester United would dramatically improve its financial position and ultimately achieve lower interest payments if it eliminated an expensive and ballooning form of junior debt known as payment-in-kind (PIK) notes