Telecom Italia Gets $1.6 Bln in Bridge Financing Until Close of Network Sale
The financing deal, with a maturity of up to 18 months, strengthens the company’s liquidity structure
Telecom Italia TIT -1.23%decrease; red down pointing triangle said it signed an agreement for 1.5 billion euros ($1.63 billion) in bridge financing to cover its needs until completion of a planned sale of its fixed-network unit.
The Italian telecommunications company said Friday that the deal, with a maturity of up to 18 months, strengthens its liquidity structure and seeks to cover its refinancing needs until the network deal is completed.
Conditions of the agreement are in line with market benchmarks, the company said.