TIM announced in a note issued last Friday evening “that following the approval by the Board of Directors on January 18 and, following the conclusion of the bookbuilding activity, it has successfully placed an unsecured bond of 850 million euros at a fixed rate offered to institutional investors”.
In the note, TIM specified that “the gold from the new issue will be used to optimize and refinance the maturities of the existing debt”.
Issuer: TIM SpA
Amount: 850 million euros
Settlement date: January 27, 2023
Deadline: 15 February 2028
Issue price: 100.0%
Redemption price: 100.0%
“The regulation of the bond – reads the TIM press release – contains certain commitments for the issuer that are typical for transactions with these characteristics, among which, the limitation to grant guarantees on its assets or to carry out extraordinary corporate transactions, if not in compliance with certain parameters”.
Again: “The bond will be listed on the Euro MFT market of the Luxembourg Stock Exchange. The rating agencies Moody’s, S&P and Fitch are expected to assign a rating of B1, B+ and BB- to the bond, respectively.