Today, TIM has successfully completed the €400 million tap issue of the bond issued on last 27 January (coupon interest of 6,875% and maturing on 15 February 2028) (‘Tap Issue’). The bond was placed at an issue price of 100.75%, implying a yield of 6.69%, marking a further improvement on the terms of the original issue.
The proceeds from the new issue, as for the bond issued in January, will be used to finance next debt maturities.
The bond, having a minimum denomination of €100,000, redemption price of 100% and maturing on 15 February 2028, pays coupon interest of 6,875%.
The terms and conditions of the notes include covenants on the issuer typical for this kind of transaction, such as, negative pledge and the limitation to the possibility to carry out extraordinary corporate transactions, unless in compliance with certain predetermined parameters.
The settlement date is 12 April 2023. As of that date, the bond will be listed on the Euro MFT market of the Luxemburg Stock Exchange. It is expected that the rating agencies will assign to the bond a rating of B1 / B+ / BB- (Moody's / S&P’s / Fitch).
The transaction was managed by Goldman Sachs acting as Global Coordinator.
This announcement (and the information contained therein) does not constitute or form part of any offer to sell nor a solicitation of any offer to buy any securities nor shall there be any offer of securities in any jurisdiction in which such offer or sale would be unlawful. It may be unlawful to distribute this announcement in certain jurisdictions. This announcement does not constitute an offer of securities for sale in the United States, Canada, and Japan and in any jurisdiction in which such offer or sale would be unlawful and is not for publication or distribution in any such jurisdictions. The securities referred to in this announcement 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 is not a public offer of financial products in Italy as per Article 2, letter (d), of Regulation (EU) 2017/1129. The documentation relating to the offer has not been/will not be submitted to the approval of CONSOB.
Rome, 3 April 2023
