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Arsenal Beats Manchester United in Asset-Backed Debt (Update1)
July 7 (Bloomberg) -- Arsenal Holdings Plc, beaten in European soccer's Champions League final this year, is preparing for a bond market victory.
The owner of the Arsenal soccer club in Highbury, London, plans to raise 260 million pounds ($478 million) this month in the first public sale of asset-backed debt by a European team. By insuring the 25-year securities and pledging ticket revenue to investors, the company obtained a AAA credit rating.
Arsenal will use the money to repay a loan that financed its new stadium and save about 1.2 million pounds in annual interest. The securities yield less than bonds sold by rival teams Chelsea and Manchester United and show how the asset-backed market is picking up in Europe.
``This deal will dramatically lower debt service charges,'' said Stephen Schechter, founder of Schechter & Co., a London- based investment bank that has helped seven U.K.
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Spanish papers lament 'broken dream'
This game is left to Zidane and his team mates whose experience overcame a penalty scored by Villa," read the paper's top story.
"In this tournament, we expected to go beyond the quarter-finals stage that we usually reach, but it has been worse, bringing us the memory of 1990 World Cup when we lost to Yugoslavia in the second round.
"Even (World Cup debutants) Ukraine went further, this time we have no real excuses."
El Pais, Spain's newspaper of public record, opted for a moderate tone saying that the Spanish team are heading back home after failing to match France's class.
"The team that looked one of the best Spanish squads of all-time were victims of their own failure. They couldn't fight or enjoy a winning spirit," it said.