Ropes & Gray and Chiomenti Advise Telecom Italia on the Largest ever European Private Placement of High Yield Bonds

Ropes & Gray and Chiomenti have advised Telecom Italia S.p.A. (TIM) on the jumbo private placement of €750 million aggregate principal amount of senior notes via a tap of the 7.875% senior notes issued in July 2023. The transaction is the largest ever privately placed European high yield rated bond issuance. The new notes are issued at a price of 102%, implying a yield of 7.37%, resulting in a lower financing cost for TIM in comparison to the original issuance.  The proceeds of the issuance will be used to repay TIM’s near term maturing debt as well as for general corporate purposes.

TIM was assisted by the internal legal team led by General Counsel Agostino Nuzzolo and coordinated by Federico Raffaele, Head of Legal Finance and M&A.

The Ropes & Gray team was led by finance partner Michael Kazakevich with finance associates Mohammed Al Rasheed, Clara Melly and Matea Scepanovic, all based in London. Further support was provided by counsel Andrea Conzatti, based in the New York office.

The Chiomenti team was led by partners Gregorio Consoli and Benedetto La Russa, with associates Guido Pisaneschi and Mirko Camagna and, for tax-related matters, by partner Raul-Angelo Papotti, with counsel Maurizio Fresca and associate Giovanni Massagli.