AC Milan, the soccer team in exclusive talks with a unique subject for debt refinancing. Mulls ipo in 2020

AC Milan, the soccer team in exclusive talks with a unique subject for debt refinancing. Mulls ipo in 2020
Marco Fassone Associazione Calcio Milan spa (AC Milan) soccer team and its parent company Rossoneri Lux are in exclusive talks with a unique subject for 8 weeks in order to refinance 308 million euros of debt which is due at the end of October 2018. The news was anticipated to Corriere della Sera last weekend by Lorenzo Gallucci, director of BGB Weston, a London-based advisory company who has received the exclusive andate to find a counterpart for the refinancing. AC Milan's Marco Fassone confirmed the news yesterday at Milan's shareholders meeting, without telling the name of the counterpart. If the debt is not repaid in time, debt's subscriber Elliott fund will become the new owner of the soccer team. Actually last May AC Milan listed two bonds on the Wiener Boerse  for total value of 128 million euros, both paying a 7.7% fixed coupon and maturing in 18 months (see here a previous post by BeBeez). A Series 1 bond has been issued for 73.7 million euros, while a Series 2 bond has been issued for 54.3 millions. Proceeds from the first bond have been used to repay the oustanding debt while proceeds from the second bond were to be used to finance shopping of new soccer players for the team. AC Milan was advised by Studio Gattai, Minoli, Agostinelli & Partners law firm for the deal. The two bonds were entirely subscribed by Paul SInger‘s Elliott Fund (through the spv Project Redblack) and are part of a 308 million euros financing package that the [...]

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