TIM starts capped tender offer for two series of notes due 2024

By Marisa Wong

Los Angeles, July 11 – TIM SpA is inviting holders of two series of its outstanding fixed-rate notes to tender their notes for purchase for cash, according to a notice.

TIM is offering to purchase up to a maximum aggregate principal amount of notes from the following series:

• €750 million outstanding 3 5/8% notes due Jan. 19, 2024 (ISIN: XS1347748607) at 99.75; and

• €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 will equal the aggregate principal amount of new notes to be issued under a concurrent offering.

The tender offers are conditioned on the new financing.

Holders who participate in the tender offer and wish to subscribe for the new notes may be given priority in allocation of the new notes.

The tender offers will expire at 11 a.m. ET on July 18.

Results will be announced at or around 4 a.m. ET on July 19.

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.

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