Telecom Italy received subscriptions for a total nominal amount of 1,9 billion of TI Capital bonds. Yesterday was the date of early accession to the purchase offer.
Based on the result obtained, the company has increased the maximum amount for the Ti Capital bonds that can be increased in acceptance of the offer from 750 million dollars to 1,5 billion and the maximum amount for the series of Ti Capital bonds denominated at 5,25% Notes Due 2015, which can be tendered from 500 million to 634 million dollars. Telecom also announced the exercise of the right to make the advance payment of the purchase offer. Offer closes at midnight on June 12, 2013 (New York time).
Meanwhile, the Board of Directors which today had to take a definitive decision on the network spin-off operation was concluded in just an hour. Expectations are for a mandate to be assigned to management to confer the access network to a newco, the first step towards achieving the corporate nature of the asset. Pending the official press release, the Telecom share on the Stock Exchange loses 0,85%.
