New Issue: Telecom Italia Mobile prices €750 million 2 7/8% long seven-year senior notes at par

By Paul A. Harris

Portland, Ore., June 21 – Telecom Italia Mobile priced a €750 million issue of 2 7/8% long seven-year senior notes (Ba1/BB+/BBB-) at par to yield 2.876%, or 226.1 basis points over mid-swaps, on Thursday, according to a market source.

The yield printed tight to initial price talk in the 3% area. The spread to mid-swaps came tight to spread talk in the 237 bps area.

The quick-to-market deal played to €1.2 billion of orders.

Joint bookrunner Banca IMI will bill and deliver. Barclays, BNP Paribas, HSBC, SG CIB and UniCredit were also joint bookrunners.

The Milan-based provider of wireless telecommunications services plans to use the proceeds for general corporate purposes.

Issuer:	TIM SpA
Amount:	€750 million
Maturity:	Jan. 28, 2026
Securities:	Senior notes
Bookrunners:	Banca IMI (bill and deliver), Barclays, BNP Paribas, HSBC, SG CIB, UniCredit
Coupon:	2 7/8%
Price:	Par
Yield:	2.876%
Spread:	226.1 bps over mid-swaps
Trade date:	June 21
Settlement date:	June 28
Ratings:	Moody's: Ba1
	S&P: BB+
	Fitch: BBB-
Distribution:	Regulation S, euro medium-term notes program
Initial price talk:	3% area, mid-swaps plus 237 bps area

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