Incumbent Telecom Italia (TI) has priced a €1bn seven-year bond.
The notes bear interest of 4% and priced at 99.184 to yield 4.134%.
In a statement Telecom Italia said the coupon was the lowest it ever had to pay on the euro bond market.
Barclays,…
Incumbent Telecom Italia (TI) has priced a €1bn seven-year bond.
The notes bear interest of 4% and priced at 99.184 to yield 4.134%.
In a statement Telecom Italia said the coupon was the lowest it ever had to pay on the euro bond market.
Barclays, BNP Paribas, Credit Suisse, Goldman Sachs, JP Morgan, UBS and Unicredit are the lead managers.
The notes were rated Baa2 by Moody’s and BBB by S&P.
TI is looking to address its debt and is in talks with Cassa Depositi e Prestiti about a spin-off of its fixed-line network which is estimated to be worth around €15bn. Morgan Stanley, Intesa Sanpaolo, Mediobanca and Barclays are advising on the spin-off. It is also looking to dispose of its media business.
TI’s net debt at the end of September amounted to €29.97bn. The company has previously said it aims to reduce net debt to €27.5bn (US$35.6bn) by the end of the year.
