Telecom Italia seeks 3 billion euro credit line with state guarantee – sources
MILAN (Reuters) -Telecom Italia (TIM) has began talks with a pool of banks for a brand new credit score line value round 3 billion euros ($3.3 billion) that might be partly assured by Italy’s commerce insurer SACE, three sources conversant in the matter mentioned.
The debt-laden former telephone monopoly, hit by a number of ranking downgrades following a document annual loss final yr, is urgent forward with plans to reorganise its enterprise by spinning off property.
Telecom Italia has initiated talks with a pool of banks, together with UniCredit, BNP Paribas, Credit score Agricole and Santander over the credit score line deal, the sources mentioned.
The banks weren’t instantly obtainable for remark.
Below a assure scheme Italy used within the first COVID-19 wave in 2020 to assist firms increase new debt, SACE is allowed to cowl as much as 80% of financing.
Nevertheless, there are doubts as as to whether TIM is eligible to faucet such a scheme, one of many sources mentioned.
Information about talks between TIM, SACE and banks over a potential 3 billion euro mortgage was first reported by Bloomberg Information.
($1 = 0.9220 euros)
(Reporting by Elvira Pollina and Giuseppe Fonte, further reporting by Stephen Jewkes; enhancing by Francesca Landini and Emelia Sithole-Matarise)
