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Telecom Italia has commenced the debt exchange offer for some of its EUR and USD-denominated bonds to the unit controlled by KKR & Co, that will buy its network. Telecom Italia in November 2023, had agreed to sell its landline network to KKR for about €19bn plus earn-outs. As part of the debt exchange, holders of the notes will be able to swap them for new securities with the same terms. As per Bloomberg Intelligence, bondholders in the exchange will receive “security pari passu with banks and a Ba1 rating from Moody’s that’s better than legacy Telecom Italia is likely to offer”.
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