Italys TIM on track to secure state-backed credit line – sources

div classBodysc17zpet90 cdBBJodivpBy Giuseppe Fonte, Valentina Za and Elvira Pollinap

pROME Reuters – Telecom Italia is on track to secure state guarantees on a credit facility worth up to 3 billion euros 3.2 billion with a preliminary green light expected on Wednesday, three people close to the matter said.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pThe stateguaranteed loan would shore up TIMs finances as new CEO Pietro Labriola readies a new turnaround plan for the former phone monopoly, which posted a record 8.4 billion euro net loss last year.p

pA group of banks comprising Italy‘s UniCredit, France’s BNP Paribas and Credit Agricole as well as Spains Santander have preapproved the financing for TIM subject to the Italian state providing guarantees, the sources said.p

pAll interested parties declined to comment.p

p1 0.9480 eurosp

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pp Reporting by Giuseppe Fonte, Valentina Za and Elvira Pollina Editing by Keith Weirp

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