MILAN :Champions League finalist Inter Milan is set to early repay 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 statement on Friday.
Inter Milan paid a 6.75 per cent 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 tipically repay debt early to secure better financial conditions.
Controlled by U.S. investment fund Oaktree, 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 Chinese conglomerate Suning.
($1 = 0.8654 euros)
