| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for TIM SpA > News item |
TIM posts results of tender offer for two series of notes due 2024
By Wendy Van Sickle
Columbus, Ohio, July 19 – TIM SpA reported results of its invitation to holders of two series of its outstanding fixed-rate notes to tender their notes for purchase for cash for a total maximum acceptance amount of €600 million, according to a notice on Wednesday.
TIM reported the following tenders and acceptance amounts:
• €483,975,000 tendered and €300 million accepted at a proration factor of 61.492% for the €750 million outstanding 3 5/8% notes due Jan. 19, 2024 (ISIN: XS1347748607) at a price of 99.75; and
• €651.36 million tendered and €300,014,000 accepted at a proration factor of 45.375% for the €1.25 billion outstanding 4% notes due April 11, 2024 (ISIN: XS1935256369) at 99.5.
The company will also pay accrued interest.
Tenders may be subject to proration.
The maximum acceptance amount was less than the initial guidance from the July 11 tender offer, which indicated that the cap would equal the aggregate principal amount of new notes issued under a concurrent offering.
As previously reported, TIM priced €750 million of 7 7/8% five-year senior bullet notes on Wednesday.
According to the latest notice, the tender offers are still conditioned on the new financing, among other conditions and restrictions.
The tender offers expired at 11 a.m. ET on July 18.
Settlement is expected to occur on July 20.
The dealer managers are BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com), Goldman Sachs International (+44 20 7774 4836; liabilitymanagement.eu@gs.com) and J.P. Morgan SE (+44 20 7134 4353; liability_management_EMEA@jpmorgan.com).
The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Thomas Choquet / Arlind Bytyqi; telecomitalia@is.kroll.com; https://deals.is.kroll.com/telecomitalia).
The Rome-based company, formerly Telecom Italia SpA, provides information and communication services to Italy and Brazil.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.