Italian Serie A giants Inter Milan on Monday officially announced the issuing of secured bonds worth 300 million euros ($353 million), maturing in 2022.

The former three-time European champions released a statement via its media administrator, Inter Media and Communication (IMC), confirming the bond offer.

IMC said that the proceeds will be used to repay the club's existing debts.

Zhang Jindong, whose Suning Group bankrolls Inter Milan, paid nearly 270 million euro ($318 million) for the northern Italian side in June 2016.

The 18-time Serie A champions took out a 230 million euro loan from Goldman Sachs in 2014 through former majority shareholder Erick Thohir, before he sold nearly 70 per cent of the club to Chinese conglomerate Suning Group.