FC Inter Milan: launch of a new €415m bond after a first €300m in 2017

FC Inter Milan (Serie A TIM) is to issue a new €415m bond with a maturity date of 2027, announced the Italian club on 24/01/2022.

The purpose of the transaction is to "redeem the outstanding senior secured notes due 2022 (bonds issued in 2017 as part of a first €300m bond issue, at an annual rate of 4.875% over five years), to repay Inter's revolving credit facility, to fund the secured accounts with respect to the (new) notes and to pay related fees and expenses," said Inter, which had already secured a €275m loan from investment fund Oaktree Capital Management in May 2021 - granted to Great Horizon Sarl, the Luxembourg-registered entity through which the Chinese group Suning owns 68.55% of Inter - to be repaid by May 2024 (see further reading section).

We currently expect that the €133.2m (unaudited) of cash on hand at Inter as of 31/12/2021 (compared to €129.3m as of 30/09/2021) and cash generated from ongoing operations will allow Inter to operate for the remainder of the fiscal year ending 30/06/2022 without the need for additional shareholder funding," added the club, which…