Telecom Italia Redeems Bonds Early on Moody’s Rule Change
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Telecom Italia SpA plans to redeem 750 million euros ($1 billion) of hybrid bonds early because of changes to the way the securities are treated by Moody’s Investors Service.
Italy’s biggest phone company will buy back the hybrid bonds, sold last year and due in 2073, on March 3 at 101 percent of the principal amount of the securities plus interest due, the Milan-based company said today in a statement. The securities declined 0.8 cents on the euro to 101.25 to yield 7.88 percent, according to Bloomberg generic prices.