Initial high level thoughts. Big accomplishment for #MUFC to get through their near term debt burden. Another milestone completed for the financial and operational rebuild. The net increase in debt (by $125mn) will of course be a concern to many fans. But essentially, United's actions over the last few years (including the mistakes) has bought them the access to cash and time to focus on continuing the rebuild. Overall good deal and broadly in-line with my expectations. Interest rates were effectively zero when the $425mn debt was issued. So interest rate increase of just 1.57% is, in my view, reflective of the financial model being implemented and potentially bigger prize of stadium financing deal in the future. United's other $225mn term loan is also extended to 2031 (with the new $550mn facility). Gives some headspace for operational focus. Extra $125mn/ £100mn will boost cash coffers and mean United have even more flexibility to do deals. Would not expect them to change transfer plans as a result. Maintaining the financial discipline still important long term. Incremental $13mn annual interest cost (c.£10mn) will continue to be a minor hindrance to football earnings rule for UEFA competitions.