Oaktree not only pledges Inter shares directly in Suning’s hands, but also 31% owned by LionRock. This is the result of the loan operation carried out by Oaktree for the Chinese ownership of the Nerazzurri club in May 2021. According to what emerges from the official documents examined by Calcio e Finanza, in fact, also on the shares owned by the Hong Kong fund led by Daniel Kar-Keung Tseung there is a reservation against Oaktree .
In detail, 31.05% of the shares of the Nerazzurri club, owned by LionRock through the holding company International Sports Capital, was mortgaged to the Luxembourg company. OCM Luxembourg Sunshine SARLIn turn, four Luxembourg holding companies were involved: OCM Luxembourg VOF S.à rl, OCM Luxembourg OPPS Xb S.à rl, OCM Luxembourg OPPS XI S.à rl and Oaktree Phoenix Investment Fund, all referring to Oaktree.
Inter had also reported this at the time of the bond launch: “HoldCo financing is not secured by Inter or the issuer, nor is it secured by any assets of Inter and its affiliates, including the issuer, and is secured in part by mortgaging shares in Great Horizon S.à rl, Grand Sunshine S.à rl, Grand Tower, Inter and International Sports Capital SBA“.
In fact, in the financial statements as on June 30, 2021, International Sports Capital wrote: “Taking into account the decision of the sole director of 05/19/2021 and the subsequent signing of the share pledge agreement, it should be noted that the shares of FC Internazionale Milano SpA as of 06/30/2021 are subject to a pledge in favor of third parties. The term of this pledge extends until 2024 So far, there have been no cases such as a request for a guarantee by the secured parties.”
On the balance sheet of cars Luxembourg OCM Luxembourg Sunshine SARL However, we read that the loan was fully secured by Grand Tower, the Luxembourg company in which Suning owns 68.55% of Inter, and not also for International Sports Capital. The hypotheses circulated in recent months about the actual role of Suning within LionRock have been confirmed: the fund actually bought International Sports Capital (which owns 31.05% of Inter in its belly) in 2019 from Erick Thohir for 166 million euros, of which 133 were lent. Million by Suning Sports International and Great Horizon.
In essence, if Suning were not able to repay the loan secured by Oaktree, then the California Fund would end up with not only 68.55% of Inter in the hands of the Zhang family, but also the remaining 31.05%: Oaktree would thus have 99.6% of the shares of the Nerazzurri Club. .
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