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Home Primo Piano

The truth about the loan from Elliott to RedBird and the real interest rate

Wajih by Wajih
3 June 2022
in Primo Piano, News
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ac milan headquarter

A general view shows the logo of "Casa Milan", the AC Milan's headquarters hosting a shop and a museum dedicated to the Serie A football club, at the Gino Valle square on March 24, 2019 in Milan. (Photo by Miguel MEDINA / AFP) (Photo credit should read MIGUEL MEDINA/AFP via Getty Images)

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The signings on the paperwork are done and the closing of the deal between RedBird and Elliott will be done in September. The new majority ownership of AC Milan are in fact still doing some fundraising, that is to say they are looking for capital, and it is almost certain that they will succeed because they have already received the commitments from their partners and co-investors.

paolo maldini gerry cardinale
Photo Credit: AC Milan

600 million euros are already collected by Redbird. But, 300 million more is needed. To arrive at the valuation given to Milan of 1.2 billion, there is therefore a shortage of 300 million which will be a vendor loan: Elliott (the seller) will provide this fee. Initially it was thought that this loan should amount to 600 million, but Cardinale has found another 300 million from fundraising and therefore now the Singer fund will have to put only half of it, as written by Milannews.it who cite Il Sole 24 Ore.

As for the interest rate on this loan, it is based at 7% but there will be an additional 8% in 'PIK' (Payment In Kind).

Elliott's Paul Singer
Paul Singer, president of Elliott Management Corporation. Photographer: Patrick T. Fallon/Bloomberg via Getty Images
Tags: ElliottRedBird
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Wajih

Wajih

A writer, passionate about football: Serie A and AC Milan in particular. For business inquiries, contact: wajihmzoughi1996 [at] gmail [dot] com

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