Telecom Italia to redeem €750 million hybrid bonds on March 3

By Marisa Wong

Madison, Wis., Jan. 29 - Telecom Italia SpA has elected to redeem early all of its €750 million of outstanding subordinated hybrid capital securities due 2073, according to a press release.

The bonds will be redeemed on March 3 at 101 plus accrued interest to, but excluding, the redemption date.

Telecom Italia said it decided to exercise its early redemption option following the change in methodology by a rating agency that implies a reduction in the equity credit initially granted to the instrument.

The Rome-based telecom issued the hybrid bonds on March 13, 2013.

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