Telecom Italia S.p.A. (the Company) announces today the indicative results of its invitation to eligible Noteholders of its €1,000,000,000 7.000 per cent. Notes due 20 January 2017 (the January 2017 Notes), €1,000,000,000 4.500 per cent. Notes due 20 September 2017 (the September 2017 Notes), €750,000,000 4.750 per cent. Notes due 25 May 2018 (the May 2018 Notes), €750,000,000 6.125 per cent. Notes due 14 December 2018 (the December 2018 Notes) and €1,250,000,000 5.375 per cent. Notes due 29 January 2019 (the January 2019 Notes and, together with the January 2017 Notes, the September 2017 Notes, the May 2018 Notes and the December 2018 Notes, the Notes and each a Series) to tender their Notes for purchase by the Company for cash (such invitation, the Offers and each an Offer) up to the Maximum Acceptance Amount (as defined in the tender offer memorandum dated 7 July 2015 (the Tender Offer Memorandum) prepared in connection with the Offers) on the terms set out in the Tender Offer Memorandum.
The Offers were announced on 7 July 2015 and were made on the terms and subject to the conditions set out in the Tender Offer Memorandum. Capitalised terms used in this announcement and not otherwise defined have the meanings ascribed to them in the Tender Offer Memorandum.
At the Expiration Deadline of 5.00 p.m. (CET) on 15 July 2015, an aggregate nominal amount of approximately €467,283,000 of Notes has been validly tendered in the Offers.
The Euro Equivalent of the US Repurchased Notes accepted for purchase pursuant to the US Tender Offers is €512,559,956. As such, the Company intends to accept for purchase an aggregate nominal amount of Notes equal to €979,842,956.
No Scaling Factor is expected to be applied to valid tenders of Notes.
The Company intends to accept for purchase the following indicative Series Acceptance Amounts in respect of each of the following Series of Notes:
- €81,141,000 of January 2017 Notes tendered in full;
- €107,811,000 of September 2017 Notes tendered in full;
- €121,223,000 of May 2018 Notes tendered in full;
- €47,108,000 of December 2018 Notes tendered in full;
- €110,000,000 of January 2019 Notes tendered in full.
The Purchase Price for each Series of Notes will be determined at or around 2.00 p.m. (CET) today in the manner described in the Tender Offer Memorandum and the final results of the Offers are expected to be announced by the Company as soon as reasonably practicable thereafter.
Settlement is expected to occur on 20 July 2015.
A complete description of the terms and conditions of the Offers is set out in the Tender Offer Memorandum. Banco Bilbao Vizcaya Argentaria, S.A., BNP Paribas, Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank, J.P. Morgan Securities plc and Société Générale are the Dealer Managers for the Offers.
Questions and requests for assistance in connection with the Offers may be directed to: