My point on the Oaktree loan is that in the transaction for the equity, even if we arent directly paying for the loan, the 'value' of the loan is in the equity purchase. paying 1.5billion where 415m goes on Inter's bond debt is equivalent to paying 1.5 billion where 415m goes on Inter's bond debt and 350m goes on the Oaktree loan. This is, of course, partly why the valuation for Inter is 'so high'
I'm also not sure what legal ability Zhang has to sell Inter while it's security for a loan. I'm not familiar so much with the laws in this side - it probably means immediate repayment of the loan I guess?
re Milan - yeah, indeed. Also they were quite close to profitability, and indeed were profitable this year with their CL revenue, which just changes the maths completely in terms of both what an investor is willing to pay, but also the 'pool' of investors who might consider buying the asset. And of course at that point, supply and demand come into the game which also further pads the asset valuation.
Spending 1 billion when you'll need to spend hundreds of millions more is a very narrow type of investor compared to spending 1 billion and immediately generating positive cashflow