Inter Milan has officially announced the early repayment of its €400 million bond, which was originally set to mature in February 2027. The club communicated this decision in a note, specifying that the total amount to be reimbursed is approximately €412 million.
According to the club`s statement, the “Issuer” (Inter Milan) has exercised its right to redeem the bonds. The redemption date is scheduled for June 26, 2025, covering all bonds not previously submitted for cancellation. The redemption price is set at 101.6875% of the principal amount of the bonds, plus any accrued and unpaid interest up to, but excluding, the redemption date.
The announcement clarifies that the full principal amount of the outstanding bonds will be repaid on this date, in accordance with the bond agreement terms. However, the early redemption is conditional upon the availability of sufficient funds. These funds must be sourced from the proceeds of a new debt financing transaction secured on the business day immediately preceding the redemption date, combined with available cash reserves, to fully cover the redemption price.
The note explicitly states that if this condition is not met (or waived at Inter`s sole discretion) by the redemption date, the early repayment may not occur, and the redemption notice could be revoked. Inter also reserves the right to postpone the redemption date until the condition is satisfied. Consequently, the bonds will not be considered due on the specified redemption date unless the condition is fulfilled or waived by the club. If the condition is not met or waived, any bonds already delivered to the paying agent will be returned to the respective holders. Inter will notify the Trustee and the Paying Agent if the redemption notice is revoked by the redemption date. Subject to the condition being met or waived, the final redemption date will be the later of June 26, 2025, and the first business day following the satisfaction or waiver of the condition, as communicated to the bondholders by Inter.
Payments related to the redemption will be processed on the same day as the Redemption Date. The record date for determining bondholders entitled to receive payment is June 25, 2025. The redemption price is calculated to include 101.6875% of the nominal value of the bonds being redeemed, amounting to €399,491,644.89. Additionally, it includes accrued and unpaid interest and any applicable Additional Amounts from December 30, 2024, up to but excluding the Redemption Date, totaling €12,964,449.20.