Investing.com – This morning Tim (BIT:) announced the launch of an invitation to bondholders to offer in exchange up to a total nominal value of 5 billion euros of some bonds in view of the sale of NetCo to Kkr which, as stated by the telco in the note, it should be completed by October 15, 2024.
In essence, it is a debt which, once the transfer of the network to the American fund is completed, will be transferred from TIM to KKR. Therefore, whoever accepts the offer will become a creditor of the new company. The operation is part of Tim’s program to reduce the debt that he weighs on the company’s accounts.
The new bonds will have substantially the same terms as the corresponding series of original bonds, including maturity, interest rate, interest payment dates and restrictive covenants, with the exception of the provisions relating to the Acquisition Exchange and the provisions relating to the haircut minimum, where applicable.
If KKR’s acquisition of the network is not consummated by the closing date, the new notes will remain outstanding as separate series of non-fungible notes from the corresponding series of original notes not validly offered for exchange or otherwise accepted in exchange by each issuer as part of their respective exchange offers.
On the Milan Stock Exchange today at 12pm the TLIT stock is trading slightly lower: -0.22% at 0.22 euros per share.
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Tags: Tim launches bond exchange offer billion closing Netco October Investing .com
