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TIM successfully issues 8-year inaugural Sustainability Bond

The company has collected €1 billion, reopening the Italian market, at half the Group’s average cost of debt

01/11/2021 - 06:39 PM

TIM has successfully completed the issue of its inaugural €1 billion Sustainability Bond, with 8 year maturity, set to increase the Group’s energy efficiency and finance Green and Social projects. Demand was above €4 billion demonstrating TIM’s strong positioning on the international markets also in light of the recent presentation to the financial community, in December, of the Sustainability Financing Framework which involved over 40 institutional investors.

TIM priced its bond well below the secondary market of reference, setting the annual coupon at 1.625%, the lowest ever. This transaction also sees TIM extend the average debt maturity and raises new funds in excess of the 2021 maturities.  

The proceeds of the new issue will be used to transform the copper network into fibre, which is expected to deliver significant energy efficiency. Moreover, for the first time in Italy a corporation will invest part of the funds collected into projects with social value, as envisaged in the Sustainability Financing Framework.

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Details are:

Issuer: TIM S.p.A.

Amount: Euro 1 billion

Settlement date: 18 January 2021

Maturity: 18 January 2029

Coupon: 1.625%

Issue price: 99.074%

Redemption price: 100.000%
 

The actual yield to maturity of 1.75 %, corresponds to a yield of 205.6 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.

 

Rome, 11 January 2021



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