Telecom Italia moved to appease shareholders’ concerns over its finances by securing a €1.5 billion bridging loan, a sum it stated would bide it over until it completes a sale of its NetCo fixed line business.
The operator stated the loan would cover its refinancing requirements until a sale of NetCo to a KKR-led consortium for €18.8 billion is completed.
Telecom Italia explained the loan was taken under “conditions in line with market benchmarks”. It has an 18-month maturity period and is underwritten by BNP Paribas, Credit Agricole CIB, Deutsche Bank, JP Morgan, Santander and Unicredit.
The operator is progressing a sale of NetCo to a KKR-headed consortium which has committed to back network upgrades involving fibre deployments.
Telecom Italia shareholder Vivendi is against the deal.
Bloomberg noted the bridging loan was arranged after shareholders expressed concern over a debt forecast issued by Telecom Italia.
The operator potentially stands to gain €1 billion from Italy’s government after a court ruled in Telecom Italia’s favour over an historic licensing dispute.
The post TIM bridges finances with €1.5B loan ahead of NetCo completion appeared first on Mobile World Live.
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