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Telecom Italia successfully completes the launch of a bond issue

Year to date the Group has already funded 3.5 billion euro

05/18/2009 - 07:02 PM

Telecom Italia successfully completed the launch of a benchmark bond issue, fixed rate, with a maturity of eight years, for a total of 750 million pounds.

This issue is part of the anticipated process of refinancing maturing debt and covers the maturities of 2010.

The success of this issue, confirms once more the appetite of international investors for Telecom Italia credit and the Group capacity to easily tap the bond market.

With this issue the average cost of the debt is substantially unchanged at March 2009 levels.

Details are:

Issuer: Telecom Italia S.p.A.
Amount: 750 million GBP
Settlement date: May 26, 2009
Maturity: December 15, 2017
Issue price:99.608 %
Redemption price: 100%

The effective yield to maturity of the fixed rate is 7.449%, which corresponds to a yield of 450 basis points above the yield of the reference UK government bond (Gilt).

The bonds, aimed at institutional investors, will be issued under the Euro 15 billion EMTN Programme and will be listed on the Luxembourg Stock Exchange.

This press release does not constitute a solicitation to invest, nor can the sale of these bonds take place in jurisdictions in which their offer, solicitation or sale is not legal, or in other words, with methods or limits different to those allowed by the applicable regulations.