Inspired by Russell’s post about Gizmondo’s interesting executive payment scheme the other day, I saw this story saying that Hutchison Whampoa’s 3 Italia unit is looking to secure a 3 billion euro loan.

That’s not really news on its own, but it strikes me as odd, considering the company just filed plans for an IPO of the unit, hoping to raise up to 2.5 billion euros by the end of the year. The reasons for seeking the loan raise my eyebrows even further: “The loan proceeds will be used to refinance a 3.2 bln eur, 9.75-year loan which 3 Italia obtained from a group of 15 banks to pay for the development of its third-generation mobile system.”

So they’re doing what plenty of people do every month — the credit card shuffle? You know, transferring a balance on one card to a different card, hopefully at a lower interest rate. Wonder if they got any of the sweeteners credit card lenders regularly trot out there, like a special 0% rate for the first 6 months, or a free companion ticket for their next plane flight anywhere in the continental US.

I’m no Wall Street financier, so maybe I’m missing the big picture here. But when a company like Hutchison Whampoa’s finances begin to emulate those of a broke college student, something doesn’t add up.