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Telecom Italia: launches 1 billion euro refinancing loan

( - Telecom Italia is launching 1 billion euros in new fixed-rate bonds to refinance forthcoming debt maturities, the Italian phone group said on Tuesday.

The refinancing of bonds maturing in 2019 will have a coupon that is significantly below its average cost of debt, the group said.

The bond's yield of 2.875%, is well below the group's cost of debt, which was approximately 4.4% at the end of December 2018, TIM said.

The notes offered to institutional investors are issued under TIM's 20 billion euros "EMTN" program and will be listed on the Luxembourg Stock Exchange.

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