Telecom Italia has elected to early redeem all of its outstanding subordinated “hybrid” securities denominated €750,000,000 Capital Securities due 2073 (the “Capital Securities”), issued last 13 March 2013 as per disseminated press release.
Telecom Italia decided to exercise its early redemption option following the occurrence of a change in methodology by a rating agency that implies a reduction in the equity credit initially granted to the instrument, pursuant to Condition 6.5 (Early Redemption following a Rating Methodology Event) of the terms and conditions of the Capital Securities.
The Capital Securities shall be redeemed on 3 March 2014 (the “Early Redemption Date”) and the applicable Early Redemption Price shall be 101 per cent of the principal amount of the Capital Securities, together with any interest due up to, but excluding, the Early Redemption Date.
|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. This announcement shall not constitute an offer to sell nor a solicitation of an offer to buy these securities.|
Rome, 29 January 2014