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Telecom Italia: Total Amount of Syndicated Credit Lines reduced by 25%. Only the main credit line renewed confirming the target to reduce debt

08/08/2002 - 12:00 PM

Telecom Italia announces that, from the total 10 billion euros of syndicated credit lines maturing in 2002, it has decided only to renew the main credit line for 7.5 billion euros, showing a 25% overall reduction in bank lines and confirming the announced debt reduction targets.

The new credit line features two different maturities, the first, a 3-year tranche of 1.5 billion euros, and the second, a remaining portion maturing in 364 days.

HSBC, JP Morgan and Mediobanca acted as Joint Lead Arrangers for the transaction.