Inter Milan owners Suning are working rapidly to refinance their debt to Oaktree Capital with a new loan from a UK fund.

This according to today’s print edition of Milan-based newspaper Gazzetta dello Sport, via FCInterNews.

The due date for Suning’s loan from US-based fund Oaktree Capital is quickly approaching.

The Inter owners must find a way to refinance the approximately 375 they owe Oaktree – the original 275 million loan plus interest – by the 20th of next month.

Suning have been working on ways to avoid defaulting on the loan, and thus staying in control of Inter.

One of these has been negotiating with Oaktree to extend the deadline.

However, the Gazzetta report, Suning are in fact set to pursue an alternative course.

Inter Owners Suning Close To Refinancing Oaktree Debt With New Loan

In parallel to their negotiations with Oaktree, Suning have also been considering the possibility of refinancing the debt with a new loan.

And according to the Gazzetta, the Nerazzurri owners are close to agreeing just such a loan.

Suning have found an unnamed UK-based fund that are willing to agree a new loan with more favourable conditions than any extension that Oaktree have offered.

Oaktree have only offered extensions of 12-24 months. These would also see the interest rate increase sharply from the 12% on the original loan from 2021.

However, the Gazzetta anticipate, the unnamed UK fund have offered Suning a new three-year loan.

This loan would be for around 400 million, allowing Suning to pay their debt to Oaktree in full before next month’s due date.

The interest rate, furthermore, would not be all that much higher than 12%.

Suning have yet to finalize their agreement with the unnamed fund. But the Gazzetta report that an agreement is close.

And it certainly has to be. Suning are now just weeks out from the deadline of the loan from Oaktree.

This has always looked to be an important crossroads in terms of the future of Inter’s ownership.

However, Suning could avoid defaulting and seeing their shares of Inter passing into the hands of Oaktree should they successfully agree a loan to refinance.

In the meantime, the Gazzetta report, Suning continue to scan the market for interest in either minority investment in Inter or an outright buyer for the club.

US banks Goldman Sachs and Raine Group are coordinating this search.

However, despite the persistent rumours – most recently of Saudi interest – there are no concrete candidates to take over the Nerazzurri at the moment.