US EditionPitchbook: Milan's Redbird Seeking $600M-$700M Private Credit Loan to Refinance Elliott Debt
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Pitchbook: Milan's Redbird seeking $600M-$700M private credit loan to refinance Elliott debt
When in the summer of 2022 Milan was sold by the Elliott Fund to RedBird Capital and Partners, the new owners of the Rossoneri benefited from a vendor loan: a common practice in high finance in which the selling company provides a loan, subject to a certain type of interest rate, to be repaid in the following years. Exactly one year ago, Gerry Cardinale’s company extended this loan until July 2028, restructuring it to an amount that by June 2025…
RedBird Capital Partners, owner of AC Milan since the summer of 2022, is reportedly working on a $600–700 million (approximately €500–600 million) financing to refinance the vendor loan agreed with Elliott Management, the club's previous owner. This was reported by PitchBook, a portal specializing in private equity, venture capital, private credit, and M&A. Comvest is among the potential lenders: 100% PIK is considered. Among those evaluating th…
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