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Telecom Italia reopened the 5-year bond for 250 million euro

The strong demand by investors allows the Company to tap the October 13 bond issue and to reduce the total yield (to 6.97% from 7.15%)

10/28/2011 - 07:25 PM

The Securities referred to in this press release have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

Telecom Italia successfully issued a Euro 250 million fixed rate bond offered to institutional investors; the transaction is a tap of the recent Euro 750 million bond issue.  

The positive performance in the secondary market of the October 13 bond issue confirmed the strong demand for Telecom Italia’s credit and allowed the company to price the issue at a yield of 6.423%.

Details are:
Issuer: Telecom Italia S.p.A.
Amount: Euro 250 million
Settlement date: 03 November 2011
Maturity: 20 January 2017
Coupon: 7%
Issue price: 102.522%
Redemption price: 100%
The actual yield to maturity is 6.423%, corresponding to a yield of 430 basis points above the reference rate (mid swap).
Following today’s tap, the yield of the Euro bond issue maturing in January 2017 – totaling  now 1 billion Euro - decreased to 6.97% (from the original 7.15%).

The notes will be issued under the Group’s Euro 20 billion EMTN programme and will be listed on the Luxembourg Stock Exchange.

Milan, 28 October 2011


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