TIM announces that, following the issuance on 20 July 2023 of the €750,000,000 7.875 per cent. Notes due 2028, ISIN XS2637954582 (the “Notes”), has successfully placed, in a private placement, a tranche of tap notes for an amount equal to Euro 750 million, having the same conditions as the Notes (the “New Tranche”).
The issue price of the New Tranche is 102%, implying a yield of 7.37%, resulting in a lower financing cost for TIM in comparison to the original issuance.
As per the Notes, the proceeds of the New Tranche will be used to repay TIM’s short-term debt maturities, for general corporate purposes and/or to pay any fees and expenses in connection with the issuance of the New Tranche.
The New Tranche shall be governed by the same terms and conditions governing the Notes which include, inter alia, covenants on the issuer typical for this kind of transaction and certain optional redemption features.
The settlement date has been scheduled for 28 September 2023. Starting from that date, the New Tranche will be listed on the Euro MTF market of the Luxembourg Stock Exchange. It is expected that the rating agencies Moody's, S&P and Fitch will confirm the rating assigned to the Notes, respectively B1, B+ and BB-.
Rome, 21 September 2023