Raimondo: Vendor loan refinancing to cost RedBird ‘approximately €210m’ – the breakdown

The interest rate on the vendor loan taken out by RedBird Capital through Elliott Management has increased, a report has revealed.

According to what was reported by the lawyer Felice Raimondo on his Substack – after having exclusively analysed the documentation – after the refinancing which took place in December 2024, the interest rate of the loan has gone from the initial 8% to approximately 14%.

According to Raimondo, the balance sheet filed with the Dutch Chamber of Commerce shows the updated amount of the vendor loan as of June 30, 2025. At that date, the debts of ACM Bidco – RedBird’s Dutch vehicle for controlling Milan – amounted to €523,338,976.

This is approximately €110m less than the €634,322,362 owed before the refinancing. Based on these figures, lawyer Raimondo states that the refinancing will cost Cardinale the following: €34m by mid-2025, €68m by 2026, €68m by 2027, and €40m until July 2028.

As a reminder, 2028 was the deadline for repaying the loan in full, and it was shifted back after the refinancing agreement was reached, but at the cost of the interest rate going up.

The total cost of moving it back will be approximately €210m, provided that a new partner does not enter before the deadline who can further refinance the debt or even eliminate it altogether.