By Paul A. Harris
Portland, Ore., Jan. 20 – Telecom Italia SpA priced an €850 million issue of TIM SpA five-year senior bullet notes (B1) at par to yield 6 7/8% on Friday, according to market sources.
The yield printed at the tight end of yield talk in the 7% area. Early guidance was in the low-7% area.
Goldman Sachs and JPMorgan were the lead bookrunners. Joint bookrunners were BNP Paribas, Credit Agricole, UniCredit, SMBC and MUFG.
The Turin, Italy-based telecom plans to use the proceeds to repay debt.
| Issuer: | TIM SpA
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| Amount: | €850 million
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| Issue: | Senior notes
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| Tenor: | Five years
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| Lead bookrunners: | Goldman Sachs and JPMorgan
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| Joint bookrunners: | BNP Paribas, Credit Agricole, UniCredit, SMBC and MUFG
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| Coupon: | 6 7/8%
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| Price: | Par
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| Yield: | 6 7/8%
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| Call protection: | Non-callable
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| Trade date: | Jan. 20
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| Rating: | Moody's: B1
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| Price talk: | 7% area
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