FC Inter, the iconic Italian football team that belongs to Chinese conglomerate Suning, is reportedly holding talks over the debt refinancing with Oaktree and with 31.05% owner LionRock for the 275 million euros PIK bond maturing in May 2024 (see here a previous post by BeBeez). Inter issued such a facility with a 12% coupon in May 2021. Inter must pay 380 million. On 31 January, Wednesday, will expire the put and call options on LionRock stake As BeBeez previously reported.
On 26 January, Friday, Stockholm listed Intrum‘s market capitalization closed up 4.5% (70 Swedish Crowns) (see here a previous post by BeBeez). On 22 January, Monday, the investor in NPEs said it sold a portfolio of NPL (mainly unsecured) with a face value of 382 billion (33 billion euros) for 11.5 billion (986 million euros). A Dutch vehicle of Cerberus (65%) and Intrum (35%) will acquire the portfolios from the European subsidiaries of the vendor which did not disclose whether Intrum Italy, a joint venture of which Intesa Sanpaolo owns 49%, will also dispose some of its assets. After the closing, Intrum will fetsh 8.2 billion corone that will repay the liabilities maturing in 2024 and 2025 for which it won’t be necessary a refinancing. On 24 January, FitchRatings confirmed for Intrum a BB- rating with Stable outlook. Such a sale will have a short-term negative impact on the firm’s net debt to ebitda ratio.
