Inter Milan owners Suning are aiming to refinance their debt to Oaktree Capital by the tenth of this month.

This according to today’s print edition of Italian business newspaper Il Sole 24 Ore, via FCInterNews. The newspaper anticipate that there are options for a new loan from PIMCO, or an extension with Oaktree on the table.

It is now “crunch time” for Suning as far as their loan from Oaktree.

The loan that the Inter owners took on from the US-based fund in 2021 to cover operating costs during a pandemic-related financial crisis comes due this month.

The due date is the 20th.

If Suning were to default on paying back the full amount they owe Oaktree (the original 275 million amount plus over 100 million in interest) then their controlling shares in Inter would pass into the hands of Oaktree.

But the Inter owners are aiming to refinance and avoid such a scenario. And they hope to do so very soon.

Inter Owners Suning Aiming To Refinance Oaktree Loan By May 10th

Suning have clearly signalled their intention to stay at the helm of Inter by refinancing their debt to Oaktree for months.

The big question has been how they would do so.

And according to Il Sole 24 Ore there would be two possible scenarios on the table.

One would be to extend the deadline via an agreement with Oaktree. Il Sole 24 Ore report that the fund has offered terms on an extension of one year.

Then the other possibility would be to refinance with a new loan.

Suning are in advanced negotiations with another US-based fund in the form of PIMCO to secure just such a loan.

Reportedly, the amount would be over 400 million. This would allow Suning to pay Oaktree the amount that they owe in full.

There is not yet a full agreement with PIMCO, however.

That is what Suning are rapidly working towards.

Il Sole 24 Ore report that the Inter owners are working together with law firms Lahtam Watkins, Dla Piper, and Pedersoli-Gattai.

And the newspaper anticipates that Suning have a clear timeline in mind to wrap things up.

The Nerazzurri owners want to secure the loan within the first ten days of May.

Therefore, it now looks as though Suning should officially clarify their status at Inter within the next week and change. This will bring to an end months of uncertainty.