Overview

ICBC reschedules — via a one-year maturity extension — a €120 million EUR term loan to TIM for unspecified purposes (Linked to Record ID#108204 and #108205)

Commitment Year•2018Country of Activity•ItalyDirect Recipient Country of Incorporation•ItalySector•Action Relating To DebtFlow Type•Debt rescheduling

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

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 reschedules — via a one-year maturity extension — a €120 million EUR term loan to TIM for unspecified purposes (Linked to Record ID#108204 and #108205)

Interest type•UnknownMaturity•6 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.