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Telecom Italia launches up to €1.3 billion convertibles at 5.75%-6.5%
By Rebecca Melvin
New York, Nov. 7 - Telecom Italia SpA subsidiary Telecom Italia Finance SA plans to price up to €1.3 billion of mandatory convertible bonds that were talked to yield 5.75% to 6.5% with an initial conversion premium of between 20% and 25%, according to a news release.
The par amount is €100,000.
The Regulation S bonds are expected to settle Nov. 15 and will mature November 2016.
Proceeds will be used for general corporate purposes.
Application has been made to admit the bond for trading on an internationally recognized stock exchange.
The notes are guaranteed by Telecom Italia, a telephone company based in Rome.
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