Telecom Italia announced the successful launch of a E1.25bn bond issue, with Bank of America Merrill Lynch, Deutsche Bank and SG believed to be arranging the deal.
The operator said that ‘the amount and quality of orders has helped to raise funds at a…
Telecom Italia announced the successful launch of a E1.25bn bond issue, with Bank of America Merrill Lynch, Deutsche Bank and SG believed to be arranging the deal.
The operator said that ‘the amount and quality of orders has helped to raise funds at a lower cost than the initial guidance’.
The proceeds of the 12 year fixed rate notes will be used to refinane existing debt.
The bonds pay a coupon of 5.25% and the issue was priced at 99.295%.
The effective yield to maturity is equal to 5.331%, corresponding to a yield of mid swaps plus 173bp.
The bonds will be issued under the group’s E15bn EMTN program and will be listed on the Luxembourg Stock Exchange.
