Telecom Italia tenders for up to €2 billion of nine series of notes

New York, April 14 – Telecom Italia SpA announced a tender offer for up to €2 billion principal amount of nine series of notes.

The company is offering to buy its outstanding debt as follows:

• €1.25 billion of 5¼% notes due February 2022 at a price set using the interpolated mid-swap rate plus 160 basis points. These notes are in the first tier of priority;

• €1 billion of 4½% notes due January 2021 at a price set using the interpolated mid-swap rate plus 155 bps. These notes are in the first tier of priority;

• €1 billion of 4 7/8% notes due September 2020 at a price set using the interpolated mid-swap rate plus 145 bps. These notes are in the first tier of priority;

• €1 billion of 4% notes due January 2020 at a price set using the interpolated mid-swap rate plus 130 bps. These notes are in the first tier of priority;

• €1.25 billion of 5 3/8% notes due January 2019 at a price set using the interpolated mid-swap rate plus 115 bps. These notes are in the second tier of priority;

• €750 million of 6 1/8% notes due December 2018 at a price set using the interpolated mid-swap rate plus 110 bps. These notes are in the second tier of priority;

• €750 million of 4¾% notes due May 2018 at a price set using the interpolated mid-swap rate plus 95 bps. These notes are in the second tier of priority;

• €736,026,000 of 4½% notes due September 2017 at a price set using the interpolated mid-swap rate plus 85 bps. These notes are in the third tier of priority; and

• €625,692,000 of 7% notes due January 2017 at a price set using the interpolated mid-swap rate plus 55 bps. These notes are in the third tier of priority.

Notes will be accepted in order of priority. In addition, tenders will be rounded down to the nearest €1,000 for the January 2021 notes, the September 2020 notes, the January 2020 notes, the December 2018 notes, the May 2018 notes, the September 2017 notes and the January 2017 notes, to the nearest €50,000 for the February 2022 notes and the nearest €100,000 for the January 2019 notes.

Pricing will be set at 5 a.m. ET on April 22.

In addition to the calculated price, Telecom Italia will also pay accrued interest.

The tender ends at 11 a.m. ET on April 21. Settlement is scheduled for April 24.

The dealer managers are Banco Santander, SA (+ 44 20 7756 6909 or tommaso.grospietro@santandergbm.com), Deutsche Bank AG, London Branch (+44 20 7545 8011 or liability.management@db.com), Goldman Sachs International (+44 20 7774 9862 or liabilitymanagement.eu@gs.com), Morgan Stanley & Co. International plc (+44 20 7677 5040 or liabilitymanagementeurope@morganstanley.com) and Royal Bank of Scotland plc (+ 44 20 3361 7549 or liabilitymanagement@rbs.com). Deutsche Bank and Goldman Sachs are the structuring advisers. The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or telecomitalia@lucid-is.com). The tender is being carried out under Regulation S.

Telecom Italia is a Rome-based telecommunications company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.