Inter Milan issue €300 million in secured bonds

Serie A club will use funds to repay existing debts.

Inter Milan issue €300 million in secured bonds

Italian soccer giants Inter Milan have officially announced the issue of secured bonds worth €300 million (US$354million).

The three-time European champions released a statement through their media administrator, Inter Media and Communication (IMC), confirming the bonds offer, which matures in 2022.

IMC said that the proceeds will be used to refinance the club’s existing debts, including a €230 million (US$270 million) loan from US bank Goldman Sachs, which will along with UBI Banca be the global coordinator and bookrunner of the bonds offer.  

The Goldman Sachs loan was taken out by former majority shareholder Erick Thohir in 2014, before he sold nearly 70 per cent of the club to Zhang Jindong’s Suning Group. The Chinese conglomerate paid close to €270 million (US$317 million) for the 18-time Serie A champions in June 2016.

Inter were valued at €495 million (US$582 million) by business outlet Forbes in June this year. 

Top-of-the-table Inter Milan held Serie A champions Juventus to a goalless draw at the Turin outfit’s Allianz Stadium this weekend to extend their unbeaten start to the 2017/18 season to 16 games.