TIM clears first hurdle in securing state guarantees for $3.1 bln loan - sources



ROME, May 16 (Reuters) - Italy's biggest phone group Telecom Italia (TIM) has secured a green light from credit export agency SACE on state guarantees underpinning a bank credit line worth up to 3 billion euros ($3.1 billion), two sources close to the matter said 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.

The state-guaranteed loan would shore up TIM's finances while new CEO Pietro Labriola works on a turnaround plan for the former phone monopoly, which posted a record 2021 net loss of 8.4 billion euros.

A group of banks comprising Italy's UniCredit CRDI.MI , France's BNP Paribas BNPP.PA and Credit Agricole CAGR.PA as well as Spain's Santander SAN.MC had pre-approved the financing for TIM subject to the Italian state providing guarantees, Reuters reported last week.

One of the sources said the economy ministry did not see major hurdles to providing the guarantees but a decision would only be taken at the end of a review process.

($1 = 0.9590 euros)
Reporting by Giuseppe Fonte and Valentina Za; Editing by Emelia Sithole-Matarise

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