Inter formalizes the issuance of a bond by 415 million euros maturing in 2027 to refinance all the expenses of the Club with respect to the previous deadline, set for 31 December 2022. Compared to the forecasts of the last few days, the new bond to refinance the debt is 415 million instead of 425.
“Inter Media and Communication SpA announces the launch of an institutional offer of € 415.0 million in aggregate capital of new Senior Secured Notes maturing in 2027 in order to redeem the senior bonds outstanding guaranteed securities maturing in 2022, to repay the Inter’s Revolving Credit Facility, to finance the accounts secured with respect to the Securities and to pay related commissions and expenses “.
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Because the accounts are in the red
These are difficult times for President Zhang’s company which – as Investireoggi.it reports – closed the 2020/2021 financial year with record losses equal to 245.6 million: this year the goal would be to drop to 100 million. The causes of the overdraft accounts are many: all the consequences of Covid, of course, but also the maxi-wages, which, including depreciation and write-downs, amounted to 471 million as of June 30th.
Revenues decreased by 48 million
Inter announces – reports Inter-News.it – that in the third quarter of 2021 (July-September) total revenues decreased by 48.3 million euros (40.4%). Going from 119.5 in 2020 to 71.2 million in the same period of the year just ended. The only positive aspect is the 6 million in stadium revenues compared to the closed-door period, despite the reduction in capacity to 50%.
Operating costs increased by 19 million
Operating costs increased by 18.9 million (17.1%). Passing from 110.5 to 129.3. This is due to both the direct costs (agent commissions and FIFA solidarity contributions) due to the disposals of Achraf Hakimi (Paris Saint-Germain) and Romelu Lukaku (Chelsea) and the devaluation of Christian Eriksen following the consensual termination of the contract. Eriksen’s devaluation alone generates a loss of 15.3 million.
By announcing the new bond worth 415 million, Inter itself confirms a key element of the loan granted last May by the Oaktree fund, to be repaid by 2024: the guarantee is constituted by the pledge on the shares owned by Suning.
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