(Alliance News) - Telecom Italia Spa announced that following approval by its board of directors on Jan. 18 and upon completion of bookbuilding activities, it has placed a EUR850 million fixed-rate unsecured bond offered to institutional investors.

Proceeds from the new issue will be used to optimize and refinance existing debt maturities, the company explained in a note.

The bond will be listed on the Luxembourg Stock Exchange's Euro MFT market. In addition, rating agencies Moody's, S&P and Fitch are expected to give the bond a rating of B1, B+ and BB-, respectively.

On Friday, Telecom Italia closed in the green by 0.2 percent at EUR0.25 per share.

By Claudia Cavaliere, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.