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BNP PARIBAS

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Real-time Euronext Paris  -  05:22 2022-08-15 am EDT
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Telecom Italia to get state guarantee for $2.1 billion loan - sources

06/27/2022 | 11:53am EDT
FILE PHOTO: The Tim logo is seen at its headquarters

ROME (Reuters) - The Italian Treasury is set to guarantee a 2 billion euro ($2.1 billion) bank credit line for Telecom Italia (TIM), three sources close to the matter said on Monday, in a boost to the phone company's turnaround efforts.

The loan would shore up TIM's finances as CEO Pietro Labriola works on a revamp plan for the debt-laden group centred on the separation of its wholesale fixed network operations from services businesses.

The parties agreed to reduce the size of the financing from the 3 billion euros initially discussed due to a drop in TIM's expected financial needs, the sources added, speaking anonymously due to the sensitivity of the matter.

Under a temporary easing in European Union rules on state aid, Italy's credit export agency SACE is able to provide guarantees covering up to 80% of loans granted to large companies facing difficulties due to the COVID-19 pandemic.

The aid scheme runs until the end of this month and has already allowed SACE to provide guarantees on around 36 billion euros in bank loans to large Italian companies, according to Treasury data as of mid-June.

The sources said Economy Minister Daniele Franco was expected to sign off on the decree granting TIM the state guarantee this week.

The loan will be provided by a group of banks comprising Italy's UniCredit, France's BNP Paribas and Credit Agricole, as well as Spain's Santander, which have authorised it pending Rome's approval.

The Italian government will guarantee 80% of the sum, one of the sources added.

TIM declined to comment.

SACE's board cleared the state guarantee on May 10 without making its decision public, Reuters reported last month.

As part of a revamp plan to be presented to investors on July 7, Labriola is considering an outright sale of TIM's domestic landline grid and international cable unit Sparkle, sources have previously said.

TIM is discussing a potential deal with state lender Cassa Depositi and Prestiti (CDP), after they reached a non-binding accord last month to create a unified broadband champion in Italy combining TIM's network assets with those of CDP-controlled rival Open Fiber.

($1 = 0.9447 euros)

(Editing by Mark Potter)

By Giuseppe Fonte and Valentina Za


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BANCO SANTANDER, S.A. -1.09% 2.6385 Delayed Quote.-9.32%
BNP PARIBAS -0.85% 50.03 Real-time Quote.-17.02%
CRÉDIT AGRICOLE S.A. -0.38% 10.036 Real-time Quote.-19.73%
TELECOM ITALIA S.P.A. 6.04% 0.2405 Delayed Quote.-44.61%
UNICREDIT S.P.A. 2.66% 10.172 Delayed Quote.-24.90%
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Financials
Sales 2022 49 858 M 51 121 M 51 121 M
Net income 2022 11 732 M 12 029 M 12 029 M
Net Debt 2022 - - -
P/E ratio 2022 5,30x
Yield 2022 8,14%
Capitalization 62 211 M 63 786 M 63 786 M
Capi. / Sales 2022 1,25x
Capi. / Sales 2023 1,29x
Nbr of Employees 190 000
Free-Float 86,7%
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Number of Analysts 20
Last Close Price 50,43 €
Average target price 66,80 €
Spread / Average Target 32,5%
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Jean-Laurent Bonnafé Co-Chief Operating Officer & Director
Jean Lemierre Chairman
Bernard Gavgani Chief Information Officer
Yann Gérardin Chief Operating Officer
Nathalie Hartmann Head-Compliance
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