Telecom Italia has bought back €777.3m of the notes it offered to purchase from investors – well above the €500m it initially intended.
The Italian telco’s tender offer to noteholders, launched on 6 July, involved a €500m note due January…
Telecom Italia has bought back €777.3m of the notes it offered to purchase from investors – well above the €500m it initially intended.
The Italian telco’s tender offer to noteholders, launched on 6 July, involved a €500m note due January 2014, a €500m note due July 2013, a €645m note due March 2013 and a €673m note due May 2014.
Originally, Telecom Italia said it would buy back up to €500m of the notes but strong investor uptake prompted it to increase the maximum acceptance amount.
The €500m note due January 2014 priced at 107.914% to yield 2.477% and has accrued interest of 3.808%.
The €500m note due July 2013 priced at 99.50% and has accrued interest of 0.34%.
The €645m note due March 2013 priced at 103.363% to yield 1.691% and has accrued interest of 2.182%.
Finally, the €673m note due May 2014 priced at 103.002% to yield 3.041% and has accrued interest of 0.768%.
Settlement is expected to take place on 17 July.
Citigroup acted as the sole structuring advisor for the tender offer and was also a dealer manager. BNP Paribas and Merrill Lynch were also dealer managers.
