Overview

ICBC provides €40 million EUR to up-size a €120 million EUR term loan to TIM for unspecified purposes (Linked to Record ID#108204 and #108206)

Commitments (Constant USD, 2023)$47,492,513

Commitment Year•2018Country of Activity•ItalyDirect Recipient Country of Incorporation•ItalySector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 15, 2018

Last repayment (originally scheduled): Jun 15, 2021

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

TIM S.p.A. (formerly Telecom Italia S.p.A.)

Loan description

ICBC provides €40 million EUR to up-size a €120 million EUR term loan to TIM for unspecified purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On July 6, 2015, the Industrial and Commercial Bank of China (ICBC) entered into a €120 million EUR bilateral term loan facility agreement with Telecom Italia S.p.A. (soon renamed TIM S.p.A.) — an Italy-incorporated Italian telecommunications company traded on the Borsana Italiana — for unspecified purposes. This facility carried a maturity period of five years and a final maturity date of July 6, 2020. The borrower had fully drawn down on the loan as of December 31, 2018. Record ID#108204 captures ICBC's loan. On June 15, 2018, ICBC entered into an amendment agreement with TIM for the facility; in the amendment, ICBC up-sized the loan by €40 million EUR and extended the maturity date by approximately one year — for a new maturity period of six years — to mature on June 15, 2021. Record ID#108205 captures the up-sizing. Record ID#108206 captures the maturity extension.