Inter Milan owners Suning are on the verge of refinancing their debt to Oaktree Capital with a new loan from US-based fund PIMCO.

Italian journalist Carlo Festa, of business newspaper Il Sole 24 Ore, reports that the fund are in the due diligence phase of the new loan to the Nerazzurri owners.

For weeks, there has been uncertainty about how Suning will move forward with the deadline of their sizable loan from Oaktree Capital approaching.

The Nerazzurri owners took on the loan in May of 2021.

The loan was to cover operating costs at the club during a pandemic-related financial crisis.

The due date for the loan from Oaktree is now exactly one month away. Suning must pay €385 million to the US-based fund (the original amount plus interest).

Should the Inter owners default, then their controlling shares in the Nerazzurri would pass into the hands of Oaktree, as they were put up as collateral for the loan.

Inter Owners Suning On Verge Of Refinancing Oaktree Debt With PIMCO

Suning have been working to avoid the eventuality of defaulting however.

There have been both talks with Oaktree on potentially extending the deadline with new terms, and talks with other funds regarding a new loan to refinance the debt.

And according to Festa, the Nerazzurri owners are now very close to the latter.

There have been negotiations with several funds, the journalist confirms.

These have included Ares Capital and Hayfin Capital Management, Festa notes.

However, it is a different fund who Suning are close to securing an agreement with.

Festa reports that US-based fund PIMCO are in the due diligence phase.

Therefore, it should not be long. The Inter owners are close to securing a loan that will enable them to remain at the helm.

This will buy them time to consider the future, potentially selling the club or strategizing to stay in control.