Italian soccer club Inter Milan sells high-yield 415 mln euro bond

Serie A champions Inter Milan set a 6.75% coupon to place a 415 million euro ($46 million) bond as investors asked for a higher yield to refinance Italy's top flight soccer club's existing debt.

Serie A champions Inter Milan set a 6.75% coupon to place a 415 million euro ($46 million) bond as investors asked for a higher yield to refinance Italy's top flight soccer club's existing debt. Inter and its owner, Chinese retail giant Suning, have been hard hit by the COVID-19 pandemic, which forced Serie A clubs to play behind closed doors over the past season.

Inter said on Thursday the new senior secured five-year bond is to repay a 50 million euro revolving credit facility and to roll over a 375 million-euro note due at the end of this year. . That bond was issued in 2017 and carried a 4.875% coupon.

Both debt facilities were issued by the Serie A club's media company, which manages the broadcast and sponsorship business of Inter Milan. Goldman Sachs acted as lead manager of the new debt issue, which followed a 275 million euro financing deal https://www.reuters.com/lifestyle/sports/repeat-oaktree-buy-lionrocks-stake-inter-milan-336-million-financing-deal-2021-05-19 clinched with U.S. investment firm Oaktree Capital Group in May to shore up Inter Milan's finances.

Inter reported a 246 million euro record loss https://www.reuters.com/world/europe/italys-inter-milan-doubles-full-year-loss-2020-21-2021-09-30 in the 2020-2021 financial year. ($1 = 0.8962 euros)