New €350M Bond Lowers Costs and Improves Financial Outlook
Inter Milan is set to free up approximately €13 million annually from its income statement, representing annual costs that can theoretically be reallocated, possibly towards managing the squad. This is the main effect of the debt refinancing operation, announced by the Nerazzurri club today.
The previous bond, maturing in 2027 – originally €415 million with a 6.75% interest rate, reduced by €15 million a year ago – has been repaid early. This was made possible by funds secured through a new financing operation. Ultimately, €412 million was required (101.6875% of the bond`s value, plus interest and minus previously repaid portions) to close the prior debt.
The majority of the resources for this repayment come from a new €350 million financing at a 4.5% interest rate. This is a result of a “private placement of senior secured notes maturing in 2030, supported by experienced institutional investors based in the United States.” The remaining funds came from Inter`s existing liquidity, which has benefited from a €52 million recapitalization by Oaktree in the last season and a growing financial flow stemming from the boom in 2024-25 revenues.
The club`s statement clarifies that, as part of the refinancing process, the subsidiary Inter Media and Communication and FC Internazionale Milano have obtained an `investment grade` credit rating. This is a class significantly superior to the `junk` rating associated with the bond issued in 2022. Furthermore, it should be noted that five years ago, the risk-free rate was zero, whereas now it stands at 2.4%. Despite this, Inter has managed to secure an even lower interest rate.
This success is attributable not only to more favorable market conditions but also to the fact that the Nerazzurri club presented investors with a significantly improved economic-financial and asset picture. The balance sheet as of June 30, 2025, is expected to record the first profit in Inter`s history. For the past year, the club has been able to rely on the strong backing of the Californian fund (Oaktree), which succeeded the defaulting Zhang.
According to the statement, “Compared to the previous bond, the lower amount and lower cost of capital obtained for the private placement represent a further step in Oaktree`s commitment to the club`s long-term success and financial stability, in order to support Inter`s success both on and off the pitch.”
The effect on the income statement is, precisely, the approximately €13 million in costs saved, thanks to the lower annual interest payments. In the last three years, the old bond burdened the club`s balance sheet with €29 million in annual charges. From the 2025-26 season, financing expenses will decrease to around €16 million, allowing the management team led by Beppe Marotta greater room for maneuver.
