Oaktree repays bonds early and Inter celebrates with a positive balance sheet

Oaktree is taking advantage of the favorable moment for another turn towards the recovery of Inter. The Nerazzurri club, to be precise its division Inter Media and Communication (the safe where all the commercial and TV rights revenues flow), has announced that by June 26 it will repay the maxi-bond of 415 million subscribed first by Erick Thohir and then renewed by Suning . This is an advance of two and a half years given that the previous deadline was set at the end of 2027.

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Oaktree intends first of all to reduce the pressure of interest rates that weighed for almost 30 million each year: a reduction of over 10 million per financial year is conceivable. The goal is to refinance this maxi-bond at rates significantly lower than the current 6.75% . Possible for two reasons: the financial market now has a lower cost of money than three years ago and Oaktree is a fund with 203 billion dollars of assets under management, therefore much more solid than the two previous Inter properties. Furthermore, Inter is preparing to close the first budget in the black in decades with a positive surplus of around 20 million , thanks to a record turnover of over 500 million produced by the revenues fueled by reaching the Champions League final.

It is the best time to close this operation considering that the team is about to start the Club World Cup, a competition in its first edition that guarantees global visibility and other significant revenues. It remains to be seen whether Oaktree will directly inject more money to reduce the amount of the bond, already down to 399 million after a direct reimbursement of 15 million from the Californian fund to the subscribers in recent months. Any new capital injections on this front would further increase the virtuous scope of this operation which is part of overall recovery interventions of Inter's accounts, fundamental for an ownership that must create the best conditions for a resale of the club in the medium term.

Meanwhile, the management is laying the foundations for next season. It is possible that some senators of Simone Inzaghi's management will leave to avoid overlapping exactly the same group of leaders after the departure of the Piacenza coach replaced by Chivu. One of the main suspects is Acerbi, a loyalist of the former coach who moved to Al-Hilal. But also watch out for Calhanoglu. For now, Inter explains that they have not yet received official offers for the Turkish playmaker. Galatasaray could make the first formal steps soon. Certainly the midfielder, fundamental to Inzaghi's balance, might not be as indispensable with Chivu. The club no longer considers him irremovable, as it was a year ago when Bayern Munich came forward. Faced with a figure of 40 million, Inter would give the green light. At the moment, Galatasaray would be ready to go up to 30. Negotiations will soon get underway.