Inter, which is owned by Chinese conglomerate Suning, said the senior secured notes will mature in 2022. The offering is being managed by Inter Media and Communication, manager and operator of the club’s media, broadcast and sponsorship business.
The club has released a statement via its media arm, Inter Media and Communication, confirming the bond offer: “The net proceeds of the offering of the Notes will be used (i) to repay the existing financial indebtedness of the Issuer, (ii) to repay a short term working capital line of Inter Milan, (iii) for Inter Milan’s general corporate purposes, and (iv) to pay fees and expenses in respect of the offering of the Notes.”
Goldman Sachs International will act as global coordinator and physical bookrunner of the proposed offering and UBI Banca is co-manager. Suning sealed a deal to take over Inter in June 2016 and set a target of restoring the status of the Milan giant to being one of the world’s top 10 football clubs. Suning acquired a majority stake of 68.55 per cent in Inter for around €270m.
As of June 30, 2017, Inter had total debts of €637m, though €221m of that is owed to owners Suning Group.