(Bloomberg) -- The owner of FC Internazionale Milano SpA has been in discussions with Oaktree Capital Management and Pacific Investment Management Co. to refinance a loan coming due in May, according to people familiar with the matter. 

Grand Tower Sarl, an entity through which Suning Holdings Group Co. controls the majority of Inter Milan’s shares, owes Oaktree close to €400 million ($427.9 million). In 2021, the Los Angeles-based fund provided a €275 million facility at an interest rate of about 12.5%. The loan, which is secured by Suning’s equity stake in Inter Milan, is coming due May 20 and the firm has been discussing different options to refinance it. 

Talks between Suning and Oaktree to refinance the facility at a higher rate than the original are still ongoing, said people familiar with the matter who asked not to be named discussing private information. The new facility would have a shorter maturity, due in part to a €415 million bond Inter Media and Communication SpA — which houses the media and sponsorship rights of the Milan-based team — has coming due in February 2027, according to one person familiar to the situation.

Separately, the owners of the recent champion of the Scudetto —Italy’s top league trophy — are discussing a facility with Newport Beach-based Pimco to refinance Oaktree. The talks are still ongoing and could end up without an agreement, the people familiar said. 

Corriere della Sera first reported Pimco’s discussions on Sunday, adding that the facility could have a maturity of three years, and that it could also act as a bridge to allow a new investor into the team’s capital. 

Spokespeople for Inter Milan, Oaktree and Pimco declined to comment. Several calls to Suning Holdings went unanswered. 

--With assistance from Dorothy Ma.

©2024 Bloomberg L.P.