Telecom Italia announces early redemption of hybrid bond
Telecom Italia has elected to early redeem all of its outstanding subordinated hybrid securities denominated €750m Capital Securities due 2073, issued last 13 March 2013.
Telecom Italia decided to exercise its early redemption option following the occurrence of a change in methodology by a rating agency that implies a reduction in the equity credit initially granted to the instrument, pursuant to Condition 6.5 (Early Redemption following a Rating Methodology Event) of the
terms and conditions of the Capital Securities.
The Capital Securities will be redeemed on 3 March 2014 and the applicable Early Redemption Price shall be 101% of the principal amount of the Capital Securities, together with any interest due up to, but excluding, the Early Redemption Date, the firm also announced.