September 25, 2018 / 3:25 PM / 21 days ago

Elliott to inject 120 million euros into AC Milan to reimburse bonds: source

MILAN (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 AC Milan logo is pictured on a pennant in a soccer store in downtown Milan, Italy April 29, 2015. REUTERS/Stefano Rellandini/File Photo Picture Supplied by Action Images

The payment will essentially cancel the club’s financial debt and further stabilize 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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