Commentary & Deal Flow

TIM SpA (Telecom Italia) (TITIM) EUR750m Reg S bearer sr notes due July 2028 (5y). NCL (MWC B+50bp) (3mo par call). Equity claw: 40% at any time. Expect B1/B+/BB-. Via BNP/GS (B&D)/JPM jt glocos and physical books, BBVA/CA/Santander/SocGen/UniCredit jt books. List Lux. English law. IPT: 8.00%-8.25%. Px talk: 8.00% area.

Final terms: EUR750m at 7.875% yield.

Did investor call at 3pm UKT yesterday. books close at 2pm UKT today. Reconfirm by 3pm UKT today. Pricing today UK afternoon. 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.