Telecom Italia launches €1 billion offering of seven-year notes at mid-swaps plus 300 bps

By Paul A. Harris

Portland, Ore., Jan. 16 - Telecom Italia SpA launched a €1 billion offering of seven-year notes (Ba1/BB+/BBB-) at a 300 basis points spread to mid-swaps on Thursday, according to a market source.

The spread comes at the tight end of the 300 bps to 310 bps spread talk. Initial guidance was 325 bps.

The deal played to €7 billion of orders.

Barclays, Credit Agricole CIB, Goldman Sachs International and SG CIB are the joint bookrunners.

BofA Merrill Lynch, HSBC, ING and Natixis are other bookrunners.

The Rome-based telecommunications company plans to use the proceeds for general corporate purposes.

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