Incumbent Telecom Italia has launched a 7-year E750m bond to refinance maturing debt.
The notes, which carry a 4.75% coupon, will mature on 25 May 2018.
Barclays, Credit Agricole, Goldman Sachs, Societe Generale and UniCredit are acting as…
Incumbent Telecom Italia has launched a 7-year E750m bond to refinance maturing debt.
The notes, which carry a 4.75% coupon, will mature on 25 May 2018.
Barclays, Credit Agricole, Goldman Sachs, Societe Generale and UniCredit are acting as joint-bookrunners for the transaction.
According to TI, the notes were issued at 162 bp above mid-swaps, representing an effective yield to maturity of 4.769% per year.
The deal was 3.3-times oversubscribed, with demand driven by investors in France (35%), UK/Ireland (15%) and Germany (15%). Some 70% of the order book was dominated by fund managers.
“The wide range of investors participating in the transaction confirms the market positive attitude towards Telecom Italia’s credit,” the company said in a statement.
Back in January, the group launched a 5-year E1bn bond due 26 January 2016. These 5.125% notes were also issued to refinance maturing debt, and featured Banca IMI, Deutsche, JP Morgan, Mediobanca and RBS as joint bookrunners.
