Revealed – Why Inter Milan Owners Suning Chose New PIMCO Loan Over Extending Oaktree Deadline | OneFootball

Inter Milan owners Suning are ready to seal a new loan from PIMCO, having decided against extending the deadline on a loan from Oaktree Capital.

Italian news outlet Gazzetta.it report that the Nerazzurri owners decided to go with the new fund on the basis that they were able to obtain longer terms.

Everything looks to be in place.

Inter owners Suning are on the verge of making a massive new loan from US fund PIMCO official.

That loan will be worth around €430 million. That will be more than sufficient to refinance the debt that the Nerazzurri owners have to Oaktree.

Oaktree made a €275 million loan to Suning in the spring of 2021. The Inter owners must pay that amount back plus interest (totalling around €380 million) by May 20th.

And Suning should certainly be able to do so.

The Gazzetta report that the Nerazzurri owners will seal the loan from PIMCO this week.

The official announcement could arrive on Friday, the seventeenth. That would mean that there are a few days to spare before the due date for the Oaktree loan arrives.

Therefore, Suning would not default on the Oaktree loan. Their shares in Inter would not pass into the hands of the US-based fund.

Why Suning Chose PIMCO Over Oaktree Extension

A new loan from PIMCO or another fund was not the only option that Suning had to stay in control at Inter.

There were reportedly also negotiations with Oaktree.

These would be to extend the deadline of the loan past the twentieth of this month.

But according to the Gazzetta, Oaktree were only ever to offer a one-year extension – or, at the very longest, a two-year extension.

This would mean that Suning would be all but certain to have to sell Inter in the coming months.

And that has never been at the forefront of the Nerazzurri owners’ plans.

Therefore, the Gazzetta report, Suning were much more receptive to a new loan with terms that push the deadline back to May of 2027.

That gives Suning a bit more breathing room.

The Inter owners can plan for the future.

Naturally, a sale would still be a possibility on the table. However, it is hardly something that Suning would be forced into right away.

And in the meantime, there is plenty of work for Suning and the Inter hierarchy to do on and off the pitch, from attempting to strengthen the squad in the transfer market to sorting out the stadium situation.