TIM announced the launch of a Euro bond issue for a “benchmark” amount (the “Notes”) (and with a maturity of 5 years), authorized by a resolution of the Board of Directors on May 10. The pricing will be determined upon completion of the book-building process and will be communicated to the market by TIM when available.
For the Notes it will be requested the listing on the Euro MTF market of the Luxemburg Stock Exchange. It is expected that the rating agencies Moody's, S&P and Fitch will give the Securities a rating in line with that of the issuer (B1, B+ and BB-).
Within the framework of the transaction, it is also announced that two tender offers (all or part) to purchase for cash will be launched, up to a total maximum amount not exceeding the total nominal value of the issues:
(i) “EUR 750,000,000 3.625 per cent Fixed Rate Notes” due 19 January 2024 (ISIN: XS1347748607); and
(ii) “EUR 1,250,000,000 4.000 per cent Fixed Rate Notes” due 11 April 2024 (ISIN: XS1935256369).
The offers are subject to a number of conditions, including the settlement of the issue of the Notes. The final amount of the purchased notes will be determined by TIM following the end of the relevant period as further described in the Tender Offer Memorandum. TIM reserves the right, in its sole discretion, to increase or decrease the maximum aggregate principal amount of the Offers.
The terms and conditions of the offers (Tender Offer Memorandum) have been made available to the holders of the securities subject to the offers.
The overall operation is aimed among other things at proactively managing the profile of upcoming debt maturities.
Rome, 11 July 2023
