New Italian Yankee Bond Projects: Optics BidCo S.p.A.
Since the issuance of the first Italian Yankee bond, Acupay has continued to participate in innovative capital market structures to help issuers achieve their funding objectives.
Recently, we were engaged as a Tax Compliance Agent on another innovative exchange offer developed by Latham & Watkins for Telecom Italia (TIM) and private equity firm KKR.
The deal involved an initial voluntary exchange of Notes issued by three related entities of Telecom Italia (“Original Notes”) for the newly issued Notes (“New Notes”) that were subsequently mandatorily exchanged for Notes issued by Optics BidCo S.p.A. (“Optics Notes”), which is controlled by KKR. Full terms for the Optics Notes are described in the relevant Exchange Offer Memorandum, and more details can be found on Telecom Italia’s website.
The deal supports the sale of Telecom Italia’s landline network assets to KKR in line with TIM’s corporate strategy.
Since July 2024, Acupay has been providing Tax Certification and Compliance services on the four Rule 144A USD Optics Notes, $2,000,011,000 in total, listed here:
$500,006,000 6.375% Guaranteed Senior Notes due 2033
$500,001,000 6.000% Guaranteed Senior Notes due 2034
$500,000,000 7.200% Guaranteed Senior Notes due 2036
$500,004,000 7.721% Guaranteed Senior Notes due 2038
Additional information, including the associated CUSIPs, upcoming payment dates, and DTC Important Notices, for the new Rule 144A USD Optics Notes can be found on our Italy Resources page.
Contact us today to learn more about how Acupay can help companies raise funds and reduce investor withholding tax burdens in cross-border capital markets!
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