Telecom Italia Starts Debt Exchange With €5 Billion Notes
A Telecom Italia SpA store in Milan.
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Telecom Italia SpA has started an offer to move some of its euro and dollar denominated bonds to the unit that’s set to buy the firm’s network.
The Italian carrier is inviting holders of €5 billion ($5.3 billion) worth of notes to swap them for new securities with the same terms that will sit under the new grid company that will be controlled by KKR & Co Inc., Telecom Italia said in a statement on Thursday. The notes will be mandatorily exchanged if the sale of the grid is completed by Oct. 15.