Inter Milan set to early repay bond as plans new debt deal
MILAN, June 13 (Reuters) - Champions League finalist Inter Milan is set to repay early a 415 million euro ($479.57 million) high-yield bond this month as the Italian soccer club prepares to secure funds from a new debt deal, it said in a statement on Friday.
Inter Milan paid a 6.75% coupon to place a five-year bond in 2022 to refinance Italy's top-flight soccer club's debt.
The debt facility was issued by the Serie A club's media company, which manages the broadcast and sponsorship business of Inter Milan.
The company plans to redeem the bond on June 26, subject to securing funds from a debt financing transaction by the business day before the redemption date, it said in a statement.
Companies typically repay debt early to secure better financial conditions.
Controlled by U.S. investment fund Oaktree (OAK_pa.N), opens new tab, Inter Milan was reportedly tapping private debt investors to refinance the debt facility.
Oaktree took over the club last year after a missed 395 million euro payment from the then majority shareholder, Chinese conglomerate Suning (002024.SZ), opens new tab.
($1 = 0.8654 euros)
(This story has been refiled to fix typos in paragraphs 1 and 5)
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