Telecom Italia launches 2073 hybrid bond - sources
MILAN, March 13 |
MILAN, March 13 (Reuters) - Italian telecoms company Telecom Italia has launched a hybrid bond issue with a benchmark size and a yield indicated in area 8 percent, sources close to the deal said on Wednesday.
For this type of bond a benchmark size is normally of between 500 million euros and 600 million euros.
The hybrid bond expires in 2073 and will be callable from 2018 every five years, the sources told Reuters.
The company had postponed the launch of the hybrid bond issue following a rating downgrade last month.
Back in February, the heavily indebted group unveiled plans to raise up to 3 billion euros in costly hybrid debt and halved its dividend to help fund its infrastructure spending. . (Reporting By Gabriella Bruschi, writing by Danilo Masoni, editing by Antonella Ciancio)
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