Telecom Italia (TI) has offered a €1bn (US$1.1bn) fixed-rate bond due 2023, under its €20bn euro medium term note programme.
The bond was priced at 99.446, carrying a 3.35% coupon to yield 3.33%, the company said in a statement.
Barclays, BNP…
Telecom Italia (TI) has offered a €1bn (US$1.1bn) fixed-rate bond due 2023, under its €20bn euro medium term note programme.
The bond was priced at 99.446, carrying a 3.35% coupon to yield 3.33%, the company said in a statement.
Barclays, BNP Paribas, MUFG and Societe Generale acted as lead managers on the offering, which was rated Ba1- by Moody’s, BB+ by S&P and BBB- by Fitch.
As announced yesterday, proceeds from the offering, together with a bond buyback, will be used to refinance debt at lower interest rates. TI’s debt burden stood at approximately €28bn as of 30 September 2014.
The Rome-based telco has set the maximum amount of existing bonds it will repurchase at €600m (US$708m). The bond buyback, which ends on 20 January, includes €750m-worth of notes due 2015; €1bn notes maturing in 2016; €1bn notes due in January 2017; and September 2017 €1bn notes.
Societe Generale is acting as sole restructuring adviser and global coordinator on the process, as well as dealer manager alongside BNP Paribas and Credit Agricole.
