The Suning Commerce Group

wera

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Rename the club to Loanzionale Milano FC
 
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Capo

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I've stated how it works several times in this thread, and it looks like it's going exactly like that.
Care to explain again....?

As i said, Oaktree has every right to refuse. Suning has no leverage, and looks to default on such a loan.

Goldman Sachs have been looking for alternative lender with no agreement.
 

Forzanerazzurri

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Care to explain again....?

As i said, Oaktree has every right to refuse. Suning has no leverage, and looks to default on such a loan.

Goldman Sachs have been looking for alternative lender with no agreement.
Are you still thinking the bankers are running to the media about this? I'm not explaining it again.
 

CafeCordoba

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Care to explain again....?

As i said, Oaktree has every right to refuse. Suning has no leverage, and looks to default on such a loan.

Goldman Sachs have been looking for alternative lender with no agreement.
If they default on the loan and Oaktree wants Inter shares, they need to pay Zhangs for it. Ie. 3rd party will evaluate the value of the club and Oaktree needs to pay the difference between that valuation and the 375m Zhangs owe to Oaktree.

So it's about if Oaktree wants to pay to have the control of Inter. They've been looking for a buyer and apparently haven't found one or a proper offer yet.

Let's see what's gonna happen.
 

brehme1989

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If they default on the loan and Oaktree wants Inter shares, they need to pay Zhangs for it. Ie. 3rd party will evaluate the value of the club and Oaktree needs to pay the difference between that valuation and the 375m Zhangs owe to Oaktree.

So it's about if Oaktree wants to pay to have the control of Inter. They've been looking for a buyer and apparently haven't found one or a proper offer yet.

Let's see what's gonna happen.
I didn't pay much attention to the deal, but I would assume the value of the shares are already priced in the deal if they're serving as collateral.
There shouldn't be an evaluation to decide anything, it'd be automatic.

Suning either repays the loan or the shares go to Oaktree.
Suning can then pocket whatever unused sum remains from the loan after all operational costs are adjusted but leave without the collateralized shares.

But still, not every deal is the same.
 
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CafeCordoba

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I didn't pay much attention to the deal, but I would assume the value of the shares are already priced in the deal if they're serving as collateral.
There shouldn't be an evaluation to decide anything, it'd be automatic.

Suning either repays the loan or the shares go to Oaktree.
Suning can then pocket whatever unused sum remains from the loan after all operational costs are adjusted.
This clause was reported like two months ago or something. Some lawyer had looked into the details and found this.

There will be some kind of valuation of the club by 3rd party if Oaktree decides to take the shares. So it's not like Oaktree gets the club for 375m they are owed at the moment. They need to pay to Zhangs to get it.
 

brehme1989

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I saw that leak but don't know if it was genuine or confirmed.
 

Capo

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If they default on the loan and Oaktree wants Inter shares, they need to pay Zhangs for it. Ie. 3rd party will evaluate the value of the club and Oaktree needs to pay the difference between that valuation and the 375m Zhangs owe to Oaktree.

So it's about if Oaktree wants to pay to have the control of Inter. They've been looking for a buyer and apparently haven't found one or a proper offer yet.

Let's see what's gonna happen.
Majority of this board said it was a done deal.

"It was signed and ready to go, just doesnt get reported in the media."

I call bullshit.

Oaktree is a publicly traded company; they cannot sign/agree to or approve any deal without providing an update to their shareholders. This allows the market to review and decide if they should invest or divest from Oaktree themselves. Nothing has been reported.

As for Suning/Zhang, it doesn't matter if they get paid the difference. I have and will continue to say it. Oaktree signed this deal with the risk assumed that it would take over the club. They wouldn't have done so without that knowledge. It looks very real that Oaktree will become the majority owner of Internazionale FC.

Suning/Zhang has spent at least twelve months finding an alternative lender to pay this loan from Oaktree - This has come to fuck all
Suning/Zhang has been requesting an extension to the current loan from Oaktree - clearly extension options are not built into the contract...Oaktree is not accepting Suning/Zhang terms.

Oaktree will define the terms, this will also mean they can, and rightly remove any clause or amendment including the one that says they will pay the difference.

Suning/Zhang has no leverage. If Oaktree decides to agree to an extension, they will either assume the position, lube up, and bite the pillow, or they will lose the club with pennies on the dollar.

Update: A lawsuit in Hong Kong is seeking to recoup 320M from Zhang/Suning. The courts of Milan have approved using assets in Italy in this legislation.
 
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CafeCordoba

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Majority of this board said it was a done deal.

"It was signed and ready to go, just doesnt get reported in the media."

I call bullshit.

Oaktree is a publicly traded company; they cannot sign/agree to or approve any deal without providing an update to their shareholders. This allows the market to review and decide if they should invest or divest from Oaktree themselves. Nothing has been reported.

As for Suning/Zhang, it doesn't matter if they get paid the difference. I have and will continue to say it. Oaktree signed this deal with the risk assumed that it would take over the club. They wouldn't have done so without that knowledge. It looks very real that Oaktree will become the majority owner of Internazionale FC.

Suning/Zhang has spent at least twelve months finding an alternative lender to pay this loan from Oaktree - This has come to fuck all
Suning/Zhang has been requesting an extension to the current loan from Oaktree - clearly extension options are not built into the contract...Oaktree is not accepting Suning/Zhang terms.

Oaktree will define the terms, this will also mean they can, and rightly remove any clause or amendment including the one that says they will pay the difference.

Suning/Zhang has no leverage. If Oaktree decides to agree to an extension, they will either assume the position, lube up, and bite the pillow, or they will lose the club with pennies on the dollar.

Update: A lawsuit in Hong Kong is seeking to recoup 320M from Zhang/Suning. The courts of Milan have approved using assets in Italy in this legislation.
"Majority of this board said it's a done deal" sounds like total BS.

I don't remember much discussion over the potential (new) deal with Oaktree here. But you make a claim majority of this board already thinks it's a done deal. What?
 

brehme1989

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Oaktree is a publicly traded company; they cannot sign/agree to or approve any deal without providing an update to their shareholders.

That's not how it works.

They have a window to disclose deals, but they don't have to be micromanaged by the shareholders.

Management could very well sign a deal and announce it in some Q3 statement 2-3 months later.
 

.h.

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Majority of this board said it was a done deal.

"It was signed and ready to go, just doesnt get reported in the media."

I call bullshit.

Oaktree is a publicly traded company; they cannot sign/agree to or approve any deal without providing an update to their shareholders. This allows the market to review and decide if they should invest or divest from Oaktree themselves. Nothing has been reported.

As for Suning/Zhang, it doesn't matter if they get paid the difference. I have and will continue to say it. Oaktree signed this deal with the risk assumed that it would take over the club. They wouldn't have done so without that knowledge. It looks very real that Oaktree will become the majority owner of Internazionale FC.

Suning/Zhang has spent at least twelve months finding an alternative lender to pay this loan from Oaktree - This has come to fuck all
Suning/Zhang has been requesting an extension to the current loan from Oaktree - clearly extension options are not built into the contract...Oaktree is not accepting Suning/Zhang terms.

Oaktree will define the terms, this will also mean they can, and rightly remove any clause or amendment including the one that says they will pay the difference.

Suning/Zhang has no leverage. If Oaktree decides to agree to an extension, they will either assume the position, lube up, and bite the pillow, or they will lose the club with pennies on the dollar.

Update: A lawsuit in Hong Kong is seeking to recoup 320M from Zhang/Suning. The courts of Milan have approved using assets in Italy in this legislation.


I'm looking at their website right now and the closest thing I can find to them "announcing every deal they're doing" is this

Perhaps I'm missing something?
;)

Of course they can do this shit without approval from their investors. You think a bank does a public statement every time they sign a new mortgage?
 

Forzanerazzurri

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Majority of this board said it was a done deal.

"It was signed and ready to go, just doesnt get reported in the media."

I call bullshit.

Oaktree is a publicly traded company; they cannot sign/agree to or approve any deal without providing an update to their shareholders. This allows the market to review and decide if they should invest or divest from Oaktree themselves. Nothing has been reported.

As for Suning/Zhang, it doesn't matter if they get paid the difference. I have and will continue to say it. Oaktree signed this deal with the risk assumed that it would take over the club. They wouldn't have done so without that knowledge. It looks very real that Oaktree will become the majority owner of Internazionale FC.

Suning/Zhang has spent at least twelve months finding an alternative lender to pay this loan from Oaktree - This has come to fuck all
Suning/Zhang has been requesting an extension to the current loan from Oaktree - clearly extension options are not built into the contract...Oaktree is not accepting Suning/Zhang terms.

Oaktree will define the terms, this will also mean they can, and rightly remove any clause or amendment including the one that says they will pay the difference.

Suning/Zhang has no leverage. If Oaktree decides to agree to an extension, they will either assume the position, lube up, and bite the pillow, or they will lose the club with pennies on the dollar.

Update: A lawsuit in Hong Kong is seeking to recoup 320M from Zhang/Suning. The courts of Milan have approved using assets in Italy in this legislation.
Lol you think financial institutions report every executed credit agreement with shareholders? Are you insane?

You also don't seek refinancing 12 months ahead of maturity. Markets, rates, cost of capital for the FIs and strategies for deployment of capital all change rapidly in 12 months.

Just because a facility has a maturity date of x, doesn't mean the intention is to fully repay it at that time. Most of the time it isn't and the maturity date is simply extended and the deal can go on indefinitely as long as the collateral is there. The security coverage here is beyond sufficient and the spread they'll get on an extension will be insane. Oaktree does not want their capital back. Period.

Extensions or refinancing can be done fairly quickly and most credit agreements state you can't even come for extension until a certain date close to maturity.

You have no idea how any of this works. Please stop.
 
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CafeCordoba

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Anything the sports media in Italy reports should be taken with a grain of salt. Or a pile.

Their reporters are not sufficient reporting financial matters. We don't know what's going on because only one reporting these things (in recent days/weeks) is Italian sports media.
 

Forzanerazzurri

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Anything the sports media in Italy reports should be taken with a grain of salt. Or a pile.

Their reporters are not sufficient reporting financial matters. We don't know what's going on because only one reporting these things (in recent days/weeks) is Italian sports media.
Yes. Their job is to create drama and the fans eat it up. The media wouldn't know any of this until it's done as FIs sign NDAs and in progress capital markets deals are all firewalled and confidential anyway. There is zero reason for drama here due to the security coverage on the debt alone. This is an easy deal to execute for any FI and my guess is Suning shops this around for the best rate. Whoever refinances this will probably be the financial institution with the lowest cost of capital. This really isn't rocket science and there definitely is a deal here if Zhang is half competent.
 
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