Telecom Italia gives final results in tender offer for four note series

By Jennifer Chiou

New York, Jan. 21 – Telecom Italia SpA announced that it has accepted the following notes in its tender offer for four series:

• €63.83 million of its €577,701,000 of outstanding 4 5/8% notes due 2015 at a price of 101.65;

• €108.2 million of its €771.55 million of outstanding 5 1/8% notes due 2016 at a price of 104.661;

• €374,308,000 of its €1 billion of outstanding 7% notes due January 2017 at a price of 111.759; and

• €263,974,000 of its €1 billion of outstanding 4½% notes due September 2017 at a price of 108.42.

As a result of the final tender amounts, the company said it increased the maximum tender amount to €810,312,000, up from €600 million.

The company will also pay accrued interest.

Settlement is expected on Jan. 23.

The tender offer expired at 11 a.m. ET on Jan. 20.

The company previously said it will use a portion of the proceeds of a new series of euro-denominated notes issued under its €20 billion euro medium-term note program to fund the tender offer, which will allow it to refinance debt maturities in advance, take advantage of current favorable market conditions, lengthen its debt maturity profile and provide a degree of liquidity to noteholders, according to the announcement.

Societe Generale (44 20 7676 7579, attn: liability management – DCM, or liability.management@sgcib.com) was the structuring adviser and global coordinator. BNP Paribas (44 20 7595 8668, attn: liability management group, or liability.management@bnpparibas.com), Credit Agricole CIB (44 207 214 7440, attn: Cyril Chatelain, or liability.management@ca-cib.com) and Societe Generale were the dealer managers. Lucid Issuer Services Ltd. (44 20 7704 0880, attn: Paul Kamminga, or telecomitalia@lucid-is.com) was the tender agent.

Telecom Italia is a Rome-based telecommunications company.

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