September 25, 2018 / 3:16 PM / 2 months ago

Elliott to inject 120 mln euros into AC Milan to reimburse bonds - source

MILAN, Sept 25 (Reuters) - U.S. hedge fund Elliott Management will inject 120 million euros ($141 million) into the coffers of Italian soccer club AC Milan to reimburse two bonds, a source said on Tuesday.

The payment will essentially cancel the club’s financial debt and further stabilise its balance sheet, the source added.

Elliott, which took over the Serie A team in July, had previously lent the club 128 million euros, underwriting two bonds with average interest rates of around 10 percent.

$1 = 0.8490 euros Reporting by Elvira Pollina, writing by Stephen Jewkes

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