In January 2010, the club carried out a successful £500 million bond issue, and by March 2010, the PIKs stood at around £207 million.[1] The PIKs were eventually paid off in November 2010 by unspecified means.[2] In August 2012, as part of further refinancing, the Glazers sold a number of shares in Manchester United in an initial public offering (IPO) on the New York Stock Exchange (NYSE).[3]