Telecom Italia S.p.A. (the Company) hereby announces the results and pricing of its invitation to eligible Noteholders of its €750,000,000 4.75 per cent. Notes due 2014 (the 2014 Notes); €750,000,000 4.625 per cent. Notes due 2015 (the 2015 Notes); €1,000,000,000 5.125 per cent. Notes due 2016 (the January 2016 Notes); and €850,000,000 8.25 per cent. Notes due 2016 (the March 2016 Notes and, together with the 2014 Notes, the 2015 Notes, and the January 2016 Notes, the Notes and each a Series) to tender their Notes for purchase by the Company for cash (such invitations together, the Offers).
The Offers were announced on 7 March 2014 and were made on the terms and subject to the conditions set out in the tender offer memorandum dated 7 March 2014 (the Tender Offer Memorandum). Capitalised terms used in this announcement and not otherwise defined have the meanings ascribed to them in the Tender Offer Memorandum.
As at the Expiration Deadline of 5.00 p.m. (CET) on 13 March 2014, an aggregate nominal amount of €614,939,000 of Notes has been validly tendered in the Offers.
The Company intends to (i) increase the Target Acceptance Amount to €598,919,000 and the March 2016 Notes Target Acceptance Amount to €142,020,000; and (ii) accept for purchase Notes validly tendered pursuant to the Offers as set out below.
The Purchase Price in respect of the 2015 Notes, the January 2016 Notes and the March 2016 Notes accepted for purchase was determined at or around 11.00 a.m. (CET) today in the manner described in the Tender Offer Memorandum by reference to the sum of the relevant Purchase Spread and the relevant Benchmark Rate as follows: