TIM has successfully launched the issue of a €750 million fixed-rate bond offered to institutional investors with one of its lowest coupon ever for a Euro-denominated bond.
The yield of the bond, equal to 2.876%, is largely below the Group’s average cost of debt (4.6% at the end of March 2018).
The proceeds of the new issue will be used to optimize and refinance forthcoming debt maturities.
Issuer: Telecom Italia S.p.A.
Amount: Euro 750 million
Settlement date: 28 June 2018
Maturity: 28 January 2026
Issue price: 100.000%
Redemption price: 100.000%
The actual yield to maturity of 2.876%, corresponds to a yield of 226.1 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, 21 June 2018