Telecom Italia places 2 bln euro equity-linked bond
MILAN, March 20 (Reuters) - Telecom Italia said on Friday it had placed with investors a 2-billion euro ($2.14 billion) equity-linked bond whose proceeds will be used to fund investments under a new plan recently presented.
The bond, which matures in 2022, will pay a coupon of 1.125 percent annually, the company said in a statement.
The conversion price will be set at a 70 percent premium above a reference price equal to the volume-weighted average price of the shares on the Milan bourse on March 20.
The Italian phone group said last month it would spend 14.5 billion euros in the next three years on laying more fibre optic cables in Italy and upgrading its mobile network in Brazil.
($1 = 0.9356 euros) (Reporting by Francesca Landini, editing by Valentina Za)
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