 In July 2006, the club announced a £660 million debt refinancing package, resulting in a 30 per cent reduction in annual interest payments to £62 million a year.In January 2010, with debts of £716.5 million ($1.17 billion), Manchester United further refinanced through a bond issue worth £504 million, enabling them to pay off most of the £509 million owed to international banks.The annual interest payable on the bonds – which were to mature on 1 February 2017 – is approximately £45 million per annum.