Thursday December 14 2017
Inter bond receives 'double' offers

Inter released a statement insisting they have received “orders around double the required subscriptions” for their €300m bond.

The announcement of the bond prompted some “head-scratching” from Bloomberg, but the club is confident the deal will help repay the €230m loan to Goldman Sachs, which was taken out by previous owner Erick Thohir in 2014.

“Inter Media and Communication SpA (the "Issuer"), the sole director and operator of the media, broadcasting and sponsorship sectors of FC Internazionale Milano ("Inter") today announced the offer of a guaranteed bond loan of nominal value total amount of € 300.0 million, maturing in 2022 to 4.875% (the "Bond").

“The Bond, which represents the first bond issued by an Italian football company on the international capital market to a wide range of institutional investors, aroused great interest from various institutional investors of global scope and in the book orders have been gathered around double the required subscriptions.

“The Bond, which will be paid on 21 December 2017, will extend the maturity of the Group's debt, at the same time improving the Group's financial flexibility with a financial structure that will allow Inter to achieve its medium- and long-term objectives.

“Inter are currently first in the Italian Serie A, they have qualified for the quarter finals of the Italian Cup - TIM and are preparing to celebrate its 100th anniversary, in 2018. This historical transaction demonstrates the credibility of Inter as a company and the its strength as a football company. 

“Goldman Sachs International is the global coordinator and the physical bookrunner of the proposed offer and UBI Banca is the co-manager. 

“Latham & Watkins LLP serves as the legal counsel of the Issuer while Rothschild assists Inter as a financial advisor. Cravath, Swaine & Moore LLP and DLA Piper serve as legal advisors to Goldman Sachs International and UBI Banca.”

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