Italy’s TIM brings benchmark euro-denominated five-year bullet notes; initial talk 8%-8¼%

By Paul A. Harris

Portland, Ore., July 11 – TIM SpA plans to make a benchmark placement of five-year senior bullet notes (expected ratings B1/B+/BB-), according to market sources.

The deal, which was set to kick off earlier Tuesday on a global investor call, is in the market with initial price talk of 8% to 8¼%.

The Regulation S notes feature a par call three months prior to maturity but are otherwise non-callable.

Global coordinator and physical bookrunner Goldman Sachs International will bill and deliver. BNP Paribas and J.P. Morgan SE are also global coordinators and physical bookrunners.

BBVA, Credit Agricole CIB, Santander, SG CIB and UniCredit are joint bookrunners.

Proceeds are earmarked for general corporate purposes and are intended to refinance short-term debt.

The Rome-based company, formerly Telecom Italia SpA, provides information and communication services to Italy and Brazil.

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