07/12/2023 TIM SpA (Telecom Italia) (TITIM) EUR750m Reg S bearer sr notes due 07/31/28 (5y). NCL (MWC B+50bp) (3mo par call). Equity claw: 40% at any time at 107.875. B1/B+/BB- (negative/negative/negative). Via BNP/GS (B&D)/JPM jt glocos and physical books, BBVA/CA/Santander/SocGen/UniCredit jt books. List Lux. English law. Settles 07/20 (T+6). ISIN: XS2637954582. IPT: 8.00%-8.25%. Px talk: 8.00% area. Final terms: EUR750m at 7.875% yield. Priced: 7.875% at 99.996, yield 7.875%. +520bp vs OBL 2.20% 04/13/28. Did investor call at 3pm UKT 07/11. books closed at 2pm UKT 07/12. Reconfirms were due by 3pm UKT 07/12. UOP: GCP (intended to refinance short-term debt). TIM also announced that two tender offers will be launched for its EUR750m 3.625% notes due 01/19/24 and EUR1.25bn 4.00% notes due 04/11/24. Biz: Leading information and communications technology (ICT) provider in Italy and Brazil. HQ: Milan, Italy.