The Suning Commerce Group

Gal

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Seem Like Zhang pulled a rabbit out of his A With the alleged Pimco loan deal worth 420m Euroes, set to pay off the Oaktree loan… from one loan shark to another. Is set to be signed just days before the deadline day…

Isn’t that just lovely…

Seems like Zhang’s will keep their little toy a little longer. And we must hope Marotta can keep up turning dust into gold.

To those who don’t know them it’s an American investment management firm, the 6th largest of its kind globally
 
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Forzanerazzurri

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Seem Like Zhang pulled a rabbit out of his A With the alleged Pimco loan deal worth 420m Euroes, set to pay off the Oaktree loan… from one loan shark to another. Is set to be signed just days before the deadline day…

Isn’t that just lovely…

Seems like Zhang’s will keep their little toy a little longer. And we must hope Marotta can keep up turning dust into gold.

To those who don’t know them it’s an American investment management firm, the 6th largest of its kind globally
Oh shut up
 

William

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He’s got a point though!

This whole transfer of debt to even more debt isn’t a good thing. I don’t think this is a good decision for us. It worries me even more.

He needs to sell, I worry that whatever is going on in his head costs us dearly.
 

Dave54

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Seem Like Zhang pulled a rabbit out of his A With the alleged Pimco loan deal worth 420m Euroes, set to pay off the Oaktree loan… from one loan shark to another. Is set to be signed just days before the deadline day…

Isn’t that just lovely…

Seems like Zhang’s will keep their little toy a little longer. And we must hope Marotta can keep up turning dust into gold.

To those who don’t know them it’s an American investment management firm, the 6th largest of its kind globally
Mostly, bund investment.
 

Forzanerazzurri

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He’s got a point though!

This whole transfer of debt to even more debt isn’t a good thing. I don’t think this is a good decision for us. It worries me even more.

He needs to sell, I worry that whatever is going on in his head costs us dearly.
It's not a good thing or a bad thing it's neutral. And it happens every day in Capital Markets. Calm down, it's really not a big deal.
 

Dave54

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It's like refinancing your house. Even if the percentage rate does not go down, years on the loan could work for us.
 

CafeCordoba

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They are rumoring the deal wouldn't be the same as with Oaktree. That it won't be 3 year long but would include some kind of clause or whatever to bring in an investor, major / minor / the whole thing type of situation.
 

Gal

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It's like refinancing your house. Even if the percentage rate does not go down, years on the loan could work for us.
It’s not anything like refinancing your house, you refinance your house to improve on the conditions of your loans and interest rates, usually that is done with the current lender but to improve always means you need favourable cards at hand.

However in situations like this your cards on hand is anything but optimal, as it’s fundamentally an act of desperation to avoid loosing all the assets to former lender, meaning conditions that can be negotiated are typically of higher magnitude and worse then those you previously had. What those conditions are we do not know at the moment, but I imagine Zhang had to accept conditions that aren’t exactly in his favour, especially if he wanted to avoid a drastic interest rate increase. This is seen every day.

For Inter it’s not a fantastic situation because instead of getting our future sorted out, it’s dragged on. It’s not exactly improving or leading us any closer to a new majority owner, it’s situation unchanged. Meaning we have to see what we got used too, Marotta doing his best to get something out of nothing, an owner who will still push on high profitable player sales every summer.

We all know Zhang can never pay this out, it’s a dead end, he can only do so with a sale, the only other way is a constant change of lenders.
 

Dave54

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I refied my houses 3 times. One time I refied for 30 years from 15, not for interest but decreasing the payments and increasing the loan term.
 

Dave54

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So, if Pimco offers a say 48-60 month term instead of Oaktree's 36 month, it would give a breathing room for our owner.
 

Ethor

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What's the interest rate on this "new bail out" is less than Oaktree's ?
 

Dave54

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What's the interest rate on this "new bail out" is less than Oaktree's ?
The interest rate on a new loan from PIMCO to Inter Milan owners Suning may not be much higher than 12%. This according to today’s print edition of Turin-based newspaper Tuttosport, via FCInterNews. The newspaper anticipate that the new three-year loan will not have an interest rate close to 20%

In May 2021, Suning, the owners of Inter Milan, took a loan of €275 million from Oaktree Capital to cover the club’s operational costs. The original agreement stated that Suning must repay the loan along with the interest rate by May 20th, 2024. The interest rate on that loan was 12%23.

So, basically the same interest rate, but terms maybe different.
 
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Dave54

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.h.

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Don't forget, too, a few things
1 - more demand for the loan means we can get a more competitive term/interest/etc
2 - the loans are a great horizon problem not an inter one
3 - we get closer to profitability every year. Last year the majority of our losses were financing costs (eg also including bonds)
4,- the new club world cup competition will be a huge financial boost in next seasons accounts
 

Dave54

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And I think loan amount would be 400-425 mil, instead of Oaktree's 275 mil.
 

CafeCordoba

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Don't forget, too, a few things
1 - more demand for the loan means we can get a more competitive term/interest/etc
2 - the loans are a great horizon problem not an inter one
3 - we get closer to profitability every year. Last year the majority of our losses were financing costs (eg also including bonds)
4,- the new club world cup competition will be a huge financial boost in next seasons accounts
Point 1 and specially 3 are important (people do not even seem to understand point 2 so let's ignore that).

Club's financial situation is CONSIDERABLY better now than what it was 3 years ago. We made like 250m LOSSES on that season. This season the losses are estimated to be 25-50m (depending on the source of estimation) and next season the estimation is we're going to break even.

However, the more important part of this deal is what I mentioned earlier. That the lender would demand some concrete actions on bringing in new investor money. Be it completely new ownership, new major shareholder or minor shareholder. But we should know more within few days?
 

.h.

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yeah, i mean i struggle to see an outcome which isnt a new minority shareholder - potentially with a ramp up plan to take a majority over a few years (perhaps to coincidece with Beppe retiring). There's like 750m debt between loan + bonds.
 

Jnr

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PIMCO deal is about to collapse, ladies and gents.

WTF. Theres 5 days until the deadline.
 

Pimpin

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PIMCO deal is about to collapse, ladies and gents.

WTF. Theres 5 days until the deadline.
Yeah but this does not affect us at all..
 
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