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A&O advised on first ESG-linked EUR4 billion revolving credit facility to TIM S.p.A.

The loan constitutes the largest credit facility related to ESG targets in the telecommunications sector

Allen & Overy has advised Crédit Agricole Corporate and Investment Bank, Milan Branch and Intesa Sanpaolo S.p.A. as global coordinators and sustainability coordinators and a pool of 25 national and international banks as lenders on the extension of the revolving credit facility provided to TIM S.p.A. and its conversion to an ESG-linked financing arrangement. The EUR4 billion loan is currently the largest revolving credit facility with sustainability targets in the telecommunications sector.

The Allen & Overy team advising the banks on the deal was led by partner Pietro Scarfone, with counsel Frederic Demeulenaere, and supported by associates Evangeline Schumacher and Martina Gullino and by trainees Dunia Adhaiem and Mateusz Maciejewski. Senior associate Elia Ferdinando Clarizia supported by associate Simona Simone advised on tax-related aspects.

Orrick has advised TIM S.p.A.