The shareholders in Telco, the holding company that controls Telecom Italia, have agreed to re-finance Telco debt that is set to expire, but also to look for other refinancing options.
Telco said in a statement: “The shareholders’ commitment shall be…
The shareholders in Telco, the holding company that controls Telecom Italia, have agreed to re-finance Telco debt that is set to expire, but also to look for other refinancing options.
Telco said in a statement: “The shareholders’ commitment shall be without prejudice to Telco’s access to alternative sources of financing from the credit markets, it being understood that in such case the shareholders’ commitment shall be reduced accordingly. In this respect Telco has resolved to initiate discussions with the banking system to agree the terms and conditions for a refinancing package.”
Reports in late January had suggested that Telco is considering to issue a bond for up to €3.4bn to refinance its debt.
The telco shareholders, which are Assicurazioni Generali Group, Intesa Sanpaolo, Mediobanca and Telefonica, today also agreed to renew their shareholders’ agreement for three years until Feburary 2015.
Telco holds 22.5% in Telecom Italia.
