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

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

Na

28/1/2022 7:31:00 PM

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

MILAN (Reuters) - 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 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 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 in the 2020-2021 financial year.

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