Telecom Italia (TI) has launched a €1bn (US$1.35bn) seven-year bond offering.
The notes, which carry a coupon of 4.875%, priced at 98.966 to yield 5.054%, equivalent to a spread of 330 basis points over mid-swaps, the Italian incumbent…
Telecom Italia (TI) has launched a €1bn (US$1.35bn) seven-year bond offering.
The notes, which carry a coupon of 4.875%, priced at 98.966 to yield 5.054%, equivalent to a spread of 330 basis points over mid-swaps, the Italian incumbent announced.
“The great quality of the order books confirms the market’s positive attitude toward Telecom Italia’s credit, allowing the company to price the issue at a lower yield than the initial guidance,” the telco said.
TI noted that the 5.054% yield is lower than the average cost of debt, which stood at 5.4% at the end of June.
Proceeds are to be used to refinance existing debt.
Lead managers for the transaction are Deutsche Bank, RBS, Unicredit, BBVA, Mitsubishi, Santander and SMBC.
