MADRID, July 17 (Reuters) - Spain’s Telefonica on Thursday fixed the swap price of its 750 million euro ($1 billion) Telecom Italia exchangeable bond deal at 0.860 to 1.032 euros per Telecom Italia share.
The bonds will be exchangeable for Telecom Italia shares representing up to 6.5 percent of the Italian telecom company’s share capital. Following the deal, Telefonica will hold between 8.3 and 9.4 percent of Telecom Italia’s share capital with voting rights, the company said.
The deal, first announced on Wednesday evening, is expected to be completed on July 24, Telefonica said in a statement to the Spanish stock exchange regulator. The bonds will have a coupon of 6 percent and will mature on July 24, 2017. ($1 = 0.7395 Euros) (Reporting By Sonya Dowsett; Editing by Inmaculada Sanz)