Telecom Italia announces that it intends to proceed with a floating-rate bond issue of €1 billion, indexed to Euribor and maturing in June 2005. This transaction is part of the Telecom Italia Group´s "Global Note Program".
The total amount raised through the bond issue shall be used to refinance Telecom Italia SpA´s short-term debt, without affecting its overall size.
This operation is part of the Company´s strategy to lengthen the average maturity of its debt by reducing reliance on short-term credit facilities.
Closing is planned to take place by the end of the month. Application for a listing on the Luxembourg Stock Exchange will be made.
JPMorgan Securities Ltd., Caboto - Gruppo IntesaBCI, UniCredit Banca Mobiliare and Schroeder Salomon Smith Barney has been appointed as sole lead managers and bookrunners for the operation.