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General

TIM converts EUR 1.3 bln bond into 1.7 bln new shares

Monday 14 November 2016 | 08:32 CET | News
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TIM (Telecom Italia) has announced that on 15 November a EUR 1.3 billion guaranteed subordinated mandatory convertible bond due this year will convert into 1.7 billion newly-issued Telecom Italia ordinary shares. The new shares are equivalent to around 11.2 percent of the ordinary share capital of the group, or 8 percent on a fully diluted basis, with the transaction expected to help reduce Telecom Italia's debt by EUR 1.3 billion to EUR 25.4 billion. BNP Paribas has been appointed as the financial adviser for the sale of the new shares.

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Categories: General
Companies: Telecom Italia / TIM
Countries: Italy
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