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TIM clears first hurdle in securing state guarantees for $3.1 billion loan – sources – Metro US

TIM clears first hurdle in securing state guarantees for $3.1 billion loan – sources

FILE PHOTO: The Tim logo is seen at its headquarters
FILE PHOTO: The Tim logo is seen at its headquarters

ROME (Reuters) – Italian credit export agency SACE has approved state guarantees for a bank credit line worth up to 3 billion euros ($3.1 billion) for Telecom Italia (TLIT), two sources close to the matter told Reuters on Monday.

SACE’s board cleared the state guarantees on May 10, without making its decision public, the sources said.

It is now up to Italy’s economy ministry to follow up on SACE’s preliminary green light, signing off on a decree authorising the commitment. ($1 = 0.9590 euros)

(Reporting by Giuseppe Fonte and Valentina Za)

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