MILAN : Serie A champions Inter Milan set a 6.75per cent coupon to place a 415 million euro 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..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.
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