(Tiper Stock Exchange) – TIM today successfully concluded the reopening of the bond loan, issued on 27 January (coupon 6.875%, maturing 15 February 2028), for an amount equal to 400 million euro (‘Tap Issue’).
The titles were placed at a issue price equal to 100.75%which implies a yield of 6.69%, allowing for a further improvement in the terms of the original issue.
The proceeds from the new issue, as well as from the January bond, are intended to finance the next debt maturities. The securities, which have a minimum denomination of 100,000 euros, a redemption price of 100% and maturity on February 15, 2028, pay a gross annual coupon of 6.875%.
The regulation of the bond issue contains some typical commitments for transactions with these characteristics for the issuer, including the limitation to grant guarantees on its assets or to carry out extraordinary corporate transactions, if not in compliance with certain parameters.
There settlement date was set for 12 April 2023. From that date, the securities will be listed on the Euro MTF market of the Luxembourg Stock Exchange. The rating agencies Moody’s, S&P and Fitch are expected to confirm the rating assigned to the January bond, equal to B1, B+ and BB- respectively.
The transaction was managed by Goldman Sachs as Global Coordinator.
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