MILAN, Feb 8 (Reuters) - Telecom Italia’s planned hybrid bond issue of up to 3 billion euros ($4 billion) will have an equity component worth half its value, a company executive said in a conference call.
Italy’s biggest telecoms group said earlier on Friday it would issue hybrid subordinated debt notes over a period of 18-24 months.
The executive also said the hybrid securities would not include mandatory instruments related to its shares, adding that its 2013 net debt target included the bond issue.
In other comments, company’s Chairman Franco Bernabe also said talks over a spin off of its fixed line network were continuing.
Telecom Italia said on Friday it had missed its 2012 debt target as disposals drag on and earnings are hit by a prolonged recession in Italy and a slowdown in growth in Latin America. ($1 = 0.7469 euros) (Reporting By Danilo Masoni)