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TIM sets cap for tender offer for two series of notes due 2024
By William Gullotti
Buffalo, N.Y., July 13 TIM SpA updated its invitation to holders of two series of its outstanding fixed-rate notes to tender their notes for purchase for cash, according to a notice on Thursday.
The maximum acceptance amount was set at 600 million, but the notice indicated that the amount may be increased or decreased at the issuers discretion.
As previously reported, TIM commenced an offer to purchase notes from the following series:
750 million outstanding 3 5/8% notes due Jan. 19, 2024 (ISIN: XS1347748607) at 99.75; and
1.25 billion outstanding 4% notes due April 11, 2024 (ISIN: XS1935256369) at 99.5.
The company will also pay accrued interest.
Tenders may be subject to proration.
The maximum acceptance amount is less than the initial guidance from the July 11 tender offer, which indicated that the cap would equal the aggregate principal amount of new notes issued under a concurrent offering.
As previously reported, TIM priced 750 million of 7 7/8% five-year senior bullet notes on Wednesday.
According to the notice, the tender offers are still conditioned on the new financing, among other conditions and restrictions.
Holders who participate in the tender offer and wish to subscribe for the new notes may be given priority in allocation of the new notes.
The tender offers will expire at 11 a.m. ET on July 18.
Results will be announced at or around 4 a.m. ET on July 19.
Settlement is expected to occur on July 20.
The dealer managers are BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com), Goldman Sachs International (+44 20 7774 4836; liabilitymanagement.eu@gs.com) and J.P. Morgan SE (+44 20 7134 4353; liability_management_EMEA@jpmorgan.com).
The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Thomas Choquet / Arlind Bytyqi; telecomitalia@is.kroll.com; https://deals.is.kroll.com/telecomitalia).
The Rome-based company, formerly Telecom Italia SpA, provides information and communication services to Italy and Brazil.
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