Inter Milan secure 350 million euro financing to ease debt burden
MILAN :Inter Milan have secured 350 million euro ($411 million) financing through a U.S. private placement of senior secured notes maturing in 2030, needed to repay early a high-yield bond due in 2027, the Champions League finalists said on Thursday.
The notes, placed with institutional investors, were issued through Inter Milan's media company, which manages the broadcast and sponsorship business of the Serie A club.
Last year U.S. investment fund Oaktree Capital Management took over Inter after the club's Chinese majority shareholder missed a 395 million euro payment.
The club said that the debt reshuffle would improve its financial position.
"Compared to the previous bond, the lower amount and tighter cost of capital achieved for the private placement represent another step in Oaktree's commitment to the long-term success and financial stability of the club," it said in a statement published on its website.
Earlier this month the club had anticipated it planned to redeem the bond.
Inter have progressed to the knockout stage of the Club World Cup being played in the US. They lost 5-0 to Paris St Germain in the European Champions League final last month.
($1 = 0.8524 euros)
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