Telecom Italia has successfully concluded the placement of the 1,3 billion euro convertible bond announced after yesterday's board meeting. This was announced in a note from the telecommunications company: the ordinary convertible bonds expire in November 2016 and will pay an annual coupon at a fixed annual rate of 6,125%.
The value of the issues will be fixed at an initial maximum conversion price equal to 122,5% of the minimum conversion price, which will be announced today when the markets close. The proceeds of the operation, specifies the note from Telecom, "will be used to pursue the corporate objectives of the broadcaster". The settlement date of the bonds is scheduled for November 15th.
Meanwhile, in the morning the Telecom stock continues to retreat, dropping 3,40% to 0,695 euros, making it one of the worst stocks in the basket.
