By Paul A. Harris
Portland, Ore., Jan. 16 - Telecom Italia SpA launched and priced a €1 billion issue of 4½% seven-year senior notes (Ba1/BB+/BBB-) at a 300 basis points spread to mid-swaps on Thursday, according to a market source.
The spread came at the tight end of the 300 bps to 310 bps spread talk. Initial guidance was 325 bps.
The notes were sold at 99.447 and yield 4.594%.
The deal played to €7 billion of orders.
Barclays, Credit Agricole CIB, Goldman Sachs International and SG CIB are the joint bookrunners.
BofA Merrill Lynch, HSBC, ING and Natixis are other bookrunners.
The Rome-based telecom plans to use the proceeds for general corporate purposes.
| Issuer: | Telecom Italia SpA
|
| Amount: | €1 billion
|
| Maturity: | Jan. 25, 2021
|
| Securities: | Senior notes
|
| Joint bookrunners: | Barclays, Credit Agricole CIB, Goldman Sachs International and SG CIB
|
| Other bookrunners: | BofA Merrill Lynch, HSBC, ING and Natixis
|
| Bill and deliver: | SG
|
| Coupon: | 4½%
|
| Price: | 99.447
|
| Yield: | 4.594%
|
| Spread: | 300 bps over mid-swaps
|
| Trade date: | Jan. 16
|
| Settlement date: | Jan. 23
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Fitch: BBB-
|
| Format: | Euro medium-term notes program
|
| Price talk: | Mid-swaps plus 300 to 310 bps (initial guidance was 325 bps)
|
| Marketing: | Quick to market
|
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