By Andrea Caropreso
Index
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Inter has reached a critical stage in its debt management strategy linked to the bond issued in 2022. In an official statement, the club, under the leadership of Marotta, announced its intention to repay early a bond worth approximately €412 million.
“The Issuer has exercised its right of redemption,” reads the statement, “and with this notice calls for the redemption and will redeem, on June 26, 2025, all Bonds not previously submitted to the Paying Agent for cancellation, at a redemption price equal to 101.6875% of the principal amount of such Bonds, plus accrued and unpaid interest up to but excluding the Redemption Date.”
Impact on the Balance Sheet
Inter has formally initiated a refinancing operation that will lead to the early repayment of a substantial bond initially due in February 2027. The club stated that the repayment will take place by June 26, 2025, totaling around €412 million. The repayment will be made at a premium – 101.6875% of the principal – and will include accrued interest.
This move, enabled by access to new funding sources, represents a major step toward stabilizing the club’s financial position. However, the actual completion of the repayment is subject to securing the necessary funds by the business day preceding the scheduled date. Should this condition not be met, Inter reserves the right to postpone the transaction.
This initiative follows a prior partial repurchase of the bond worth €15 million and aims to prevent the debt from being classified as short-term starting in February 2026 – a situation that could negatively affect the financial ratios needed for club licensing in the 2026/27 season. Acting in advance helps Inter safeguard its compliance and ensure greater financial stability.
The Origins of the Debt
The origins of this complex financial structure date back to 2015, when then-president Erick Thohir secured a €230 million loan from Goldman Sachs and Unicredit. This financing was backed by the cash flows generated by Inter Media and Communication, the entity that handles the club’s TV rights and sponsorship revenues.
This initial debt was later restructured by the Chinese ownership in 2017 through a €300 million bond set to mature in 2022. In February 2022, to refinance the expiring bond, a new €415 million bond was issued, with a 6.75% annual interest rate and maturity in 2027. This instrument, also backed by Inter Media and Communication’s revenues, imposed a heavy financial burden, with interest expenses alone totaling around €29.5 million in the fiscal year ending June 30, 2024.
Future Strategies
Looking ahead, Inter is exploring various options to finalize the new refinancing in the most effective way. Possibilities include a private placement aimed at institutional investors, involvement of private debt funds, or a new bond issuance. Financial partner Oaktree, already linked to the club’s ownership, could play a pivotal role in the process.
According to speculation, the plan may extend the maturity to 2031 under more sustainable terms, potentially lowering interest costs or reducing the principal amount. Internal liquidity – estimated at around €115 million as of the end of June 2024 – could allow the club to repay part of the debt independently.
The primary goal remains clear: to ease the financial burden on the club’s balance sheet and ensure more sustainable management in the medium to long term. As highlighted in the club’s official statement, this is part of a regular strategic assessment aimed at strengthening Inter’s overall financial standing
