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TIM: €1.25 billion 10-year bond issue

The company funds at its lowest ever coupon for a Euro-denominated bond and significantly below its average cost of debt.

10/05/2017 - 07:31 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. This announcement shall not constitute an offer to sell nor a solicitation of an offer to buy these securities.


TIM has successfully launched the issue of a €1.25 billion fixed-rate bond offered to institutional investors.

The great quality and amount of the orders received once again confirms the market’s positive attitude towards TIM’s credit, allowing the company to price the issue with a yield lower than initial guidance, for a 2.375% coupon, being the lowest amongst the non-convertible Euro bonds issued by the Group.

The yield of the bond, equal to 2.468%, is largely below the Group’s average cost of debt (5% at the end of June 2017).  

The proceeds of the new issue will be used to optimize and refinance forthcoming debt maturities.

Details are:

Issuer: Telecom Italia S.p.A.
Amount: Euro 1.25 billion
Settlement date: 12 October 2017
Maturity: 12 October 2027
Coupon: 2.375%
Issue price: 99.185%
Redemption price: 100.000%

The actual yield to maturity of 2.468%, corresponds to a yield of 157 basis points above the reference rate (mid swap).

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


Milan, 5 October 2017


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