Telecom Italia seeks 3 bln euro credit score line with state ensure – resources

Posted on 47 views

The Tim emblem is noticed at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi/Document Picture

Sign up now for FREE limitless get admission to to Reuters.com

MILAN, April 20 (Reuters) – Telecom Italia (TIM) (TLIT.MI) has began talks with a pool of banks for a brand new credit score line price round 3 billion euros ($3.3 billion) that may be partially assured via Italy’s business insurer SACE, 3 resources accustomed to the subject mentioned.

The debt-laden former telephone monopoly, hit via a couple of score downgrades following a report annual loss ultimate yr, is urgent forward with plans to reorganise its trade via spinning off property.

Telecom Italia has initiated talks with a pool of banks, together with UniCredit (CRDI.MI), BNP Paribas (BNPP.PA), Credit score Agricole (CAGR.PA) and Santander (SAN.MC) over the credit score line deal, the resources mentioned.

Sign up now for FREE limitless get admission to to Reuters.com

The banks weren’t straight away to be had for remark.

Beneath a ensure scheme Italy used within the first COVID-19 wave in 2020 to lend a hand firms carry new debt, SACE is authorized to hide as much as 80% of financing.

Then again, there are doubts as as to if TIM is eligible to faucet this type of scheme, probably the most resources mentioned.

Information about talks between TIM, SACE and banks over a conceivable 3 billion euro mortgage was once first reported via Bloomberg Information.

($1 = 0.9220 euros)

Sign up now for FREE limitless get admission to to Reuters.com

Reporting via Elvira Pollina and Giuseppe Fonte, further reporting via Stephen Jewkes; enhancing via Francesca Landini and Emelia Sithole-Matarise

Our Requirements: The Thomson Reuters Accept as true with Rules.

Leave a Reply

Your email address will not be published.