The loan from PIMCO to Inter Milan owners Suning will be a €400 million loan that will expire in May of 2027.
This according to Italian news outlet Gazzetta.it. The Gazzetta anticipate that the loan will be made official in the next 15-20 days.
Reports today emerged that Suning are on the verge of securing a new loan from US-based fund PIMCO.
This loan will be to refinance the Inter owners’ debt to Oaktree Capital.
Suning took on a €275 million loan from Oaktree in May of 2021. That was to cover operating costs at Inter during a pandemic-related financial crisis.
That loan comes due next month – May 20th, to be exact.
And if Suning were to default on the loan, then their controlling shares in the Nerazzurri would pass into the hands of Oaktree, as they put them up as collateral for the loan.
However, the Inter owners have found a path forward.
PIMCO Loan To Inter Milan Owners Suning Over €400M – Due Date In Three Years
Suning have been in negotiations with a number of funds in recent months.
The Inter owners have been seeking a new loan in order to refinance their debt to Oaktree.
The Nerazzurri owners owe Oaktree around €385 million. That is the original amount of the loan plus interest.
There have been talks between Suning and Oaktree regarding possibly extending the deadline as well. But the Inter owners have settled on refinancing with a new loan.
And the Gazzetta report that the new loan from PIMCO will be a three-year loan. It should have a due date in May of 2027.
Therefore, the new loan will give Suning a new timeline in which to stay at the helm of Inter and consider their future.
The Inter owners will take on a total of €400 million from PIMCO. That will be more than enough to pay back what they owe to Oaktree before the May 20th due date.
