Serie A 2023-24 (20 Viewers)
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Bleed them moreBy Michel Sakr
May 16, 2024 12:12
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Oaktree Capital is reportedly hindering the attempts of Inter Milan owners Suning and Pimco to refinance the loan before its expiry.
The club owners loaned 275 million euros from Oaktree in May 2021 to cover Inter’s operational costs. They used their majority shares at the club as a guarantee.
Suning must repay the loan along with the interest rate before the deadline which is set on May 20th. Otherwise, they risk losing control over the club.
So with only four days remaining until the expiry date, Inter president Steven Zhang is desperate for a solution.
In recent weeks, he found himself a new ally in Pimco. The US-based investment company is reportedly willing to refinance the debt.
In other words, Pimco would settle the loan with Oaktree with an investment that exceeds 400 million and thus replace it as Suning’s creditors.
However, some reports emerged last evening suggesting that this plan risks collapsing.
According to La Gazzetta dello Sport via FcInterNews, Oaktree is the one placing obstacles in the way.
As the source explains, the investment company is trying to hamper the operation. They are doing so in the hopes of extending the loan’s deadline while gaining more favorable terms.
Oaktree Trying To Derail The Refinancing Plans Of Inter Milan Owners Suning & Pimco
The pink newspaper claims Oaktree would like to extend the due date for just one year while raising the interest rate above 12%.
On the other hand, Pimco have offered Suning better terms (a three-year agreement and a 12% interest rate).
The source also expects Suning to announce the final agreement with Pimco tomorrow. However, the latter won’t be able to transfer the funds until Tuesday, as Monday is a national holiday in Luxembourg.
So it remains to be seen if this delay could constitute a problem since the loan expires on Monday.
The report believes that Oaktree could use it as a ploy to thwart the operation and negotiate better terms as we mentioned above.
https://sempreinter.com/2024/05/16/...tm_medium=twitter&utm_campaign=sempreintercom
most news speculate that oaktree is willing to make compromises and are interested in a successful refinancing attempt by zhang as they don't want the club, they want their money. fassone (ex inda manager) said something similar too:
https://www.calciomercato.com/news/...-milan-no-oaktree-non-e-un-fondo-interv-83040
every news said so far that zhang is working on refinancing the loan then on selling the club. no news on what would happen if oaktree eventually acquired zhang's stake. which is btw around 70% of a club with a market value of around 1bn.
https://www.calciomercato.com/news/...-milan-no-oaktree-non-e-un-fondo-interv-83040
every news said so far that zhang is working on refinancing the loan then on selling the club. no news on what would happen if oaktree eventually acquired zhang's stake. which is btw around 70% of a club with a market value of around 1bn.
From what I understand that oaktree aren't like elliot who will hold onto the club and try and build up value before selling, instead they'll sell off its assets hahahaha and all those inda fans were acting like Donald trump fans with the news of this possible outcome as being fake news and click bait.
