01/20/2023 TIM SpA (Telecom Italia) (TITIM) EUR850m Reg S bearer sr notes due 02/1528 (5y). NCL (MWC B+50bp) (3mo par call). Equity claw: 40% at 106.875 at any time. B1/B+/BB- (negative/negative/negative). Via GS/JPM (B&D) jt glocos & jt physical books/BNP/CACIB/Unicredit/SMBC/MUFG jt books. List Lux. English law. Settles 01/27 (T+5). ISIN: XS2581393134. IPT: low 7s. Guidance: 7% area. Launched: EUR850m 6.875% at par. Priced: 6.875% at 100. +473bp vs DBR 0.50% 02/15/28. Virtual roadshow 01/19-20 (investor call at 11am UKT 01/19). Books closed at noon UKT 01/19. UOP: Cash to balance sheet (intended to refinance short-term debt). Biz: Leading information and communications technology (ICT) provider in Italy and Brazil. HQ: Milan, Italy.