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Telecom Italia makes groundbreaking 50 year bond issue

Telecom Italia today successfully concluded the bookbuilding and setting of conditions for a fixed-rate benchmark 50-year bond issue, offered to institutional investors, for a total of €850 million.

After inaugurating the 30-year segment on the Euro-denominated bond market in January 2003, Telecom Italia has now carried out the first public placement of corporate bonds with a 50-year maturity on the same market.

The operation aims to refinance group debt, as well as enhance the mix of maturities and cost of financing. Two years after the 30-year placement, this operation confirms the great confidence of capital markets in Telecom Italia credit.

The main features of the issue are as follows:

• Issuer: Telecom Italia

• Amount: €850 million

• Issue date: March 17 2005

• Maturity: March 17 2055

• Tenor: 50 years

• Coupon: 5.25 %

• Issue price: 99.667 %

• Yield to maturity: 5.269 %

This issue is part of Telecom Italia's €10 billion EMTN (Euro Medium Term Note) Programme and was arranged with the support of Deutsche Bank.

The notes are to be listed on the Luxembourg Stock Exchange.

For more on Telecom Italia's bond issue, see the April edition of CF.


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