Serie A champions Inter Milan set a 6.75 per cent coupon to place a 415 million euro ($46 million) bond as investors asked for a higher yield to refinance Italy’s top flight soccer club’s existing debt.

Inter and its owner, Chinese retail giant Suning, have been hard hit by the COVID-19 pandemic, which forced Serie A clubs to play behind closed doors over the past season.

Inter said on Thursday the new senior secured five-year bond is to repay a 50 million euro revolving credit facility and to roll over a 375 million-euro note due at the end of this year..

That bond was issued in 2017 and carried a 4.875per cent coupon.

Both debt facilities were issued by the Serie A club’s media company, which manages the broadcast and sponsorship business of Inter Milan.

Goldman Sachs acted as lead manager of the new debt issue, which followed a 275 million euro financing deal clinched with US investment firm Oaktree Capital Group in May to shore up Inter Milan’s finances.

Inter reported a 246 million euro record loss in the 2020-2021 financial year.