Tim announced that, at the end of the exchange offers in dollars on some of the Group's bonds linked to the NetCo operation, a total nominal value of approximately 2 billion dollars was accepted on the bonds of Telecom Italia Capital, reaching the maximum limit foreseen for these exchange offers.
Tim and the exchange offer on bonds of up to 5 billion
Tim had launched an exchange offer for its bonds on April 18 with maturities starting in 2026, offering new bonds of equal value. If the acquisition is completed by October 15, the new bonds will be exchanged automatically without further action by bondholders. The new bonds will retain substantially the same terms as the original bonds, including interest rate, maturity and covenants, except those relating to the exchange for acquisition and minimum denomination. This operation, defined as a "liability management exercise", will allow TIM to transfer part of the debt to the future network company.
Il The company had communicated on May 2 which, following the strong demand on the market for the exchange offers linked to the NetCo operation, the overall nominal value had increased from 5 billion euros to 5.536.319.601 euros, considering the Euro/USD exchange rate of 1,07145 .
Il total nominal value accepted for the exchange offers in euro on the bonds of TIM and Telecom Italia Finance was 3.669.680.000 euros. For dollar exchange offers on Telecom Italia Capital bonds, the maximum value accepted was $2.000.011.000. The early deadline for participation, set at 5:00 pm in New York City on May 1, 2024, had the maximum acceptance value for dollar exchange offers for each series of bonds reached.
