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Wind Tre S.P.A http://www.oblible.comOFFERING MEMORANDUM Wind Tre S.p.A. 13OCT201721560609 E2,250,000,000 Senior Secured Floating Rate Notes due 2024 E1,625,000,000 25⁄8% Senior Secured Notes due 2023 E1,750,000,000 31⁄8% Senior Secured Notes due 2025 $2,000,000,000 5% Senior Secured Notes due 2026 Wind Tre S.p.A., a joint stock company (societa` per azioni) incorporated and existing under the laws of the Republic of Italy (‘‘Italy’’), having its registered office at Via Leonardo da Vinci, 1, Trezzano sul Naviglio, Milan, Italy (‘‘Wind Tre’’ or the ‘‘Issuer’’), is offering (the ‘‘Offering’’) (i) A2,250 million aggregate principal amount of euro-denominated Senior Secured Floating Rate Notes due 2024 (the ‘‘Floating Rate Notes’’), (ii) A1,625 million aggregate principal amount of euro-denominated 25⁄8% Senior Secured Notes due 2023 (the ‘‘2023 Fixed Rate Euro Notes’’), (iii) A1,750 million aggregate principal amount of euro-denominated 31⁄8% Senior Secured Notes due 2025 (the ‘‘2025 Fixed Rate Euro Notes,’’ and together with the 2023 Fixed Rate Euro Notes, the ‘‘Fixed Rate Euro Notes,’’ and the Fixed Rate Euro Notes together with the Floating Rate Notes, the ‘‘Euro Notes’’), and (iv) $2,000 million aggregate principal amount of U.S. dollar-denominated 5% Senior Secured Notes due 2026 (the ‘‘Dollar Notes,’’ together with the Fixed Rate Euro Notes, the ‘‘Fixed Rate Notes,’’ and the Floating Rate Notes, together with the Fixed Rate Notes, the ‘‘Notes’’). Interest on the Floating Rate Notes will accrue at a rate per annum, reset quarterly, equal to three-month EURIBOR (subject to a 0% floor) plus 275 basis points. Interest on the Floating Rate Notes will be payable quarterly in arrear on January 20, April 20, July 20 and October 20 of each year, commencing on April 20, 2018. The maturity date of the Floating Rate Notes is January 20, 2024. Interest on the 2023 Fixed Rate Euro Notes will accrue at the rate of 2.625% per annum. Interest on the 2023 Fixed Rate Euro Notes will be payable semi-annually in arrear on January 20 and July 20 of each year, commencing on July 20, 2018. The maturity date of the 2023 Fixed Rate Euro Notes is January 20, 2023. Interest on the 2025 Fixed Rate Euro Notes will accrue at the rate of 3.125% per annum. Interest on the 2025 Fixed Rate Euro Notes will be payable semi-annually in arrear on January 20 and July 20 of each year, commencing on July 20, 2018. The maturity date of the 2025 Fixed Rate Euro Notes is January 20, 2025. Interest on the Dollar Notes will accrue at the rate of 5.000% per annum. Interest on the Dollar Notes will be payable semi-annually in arrear on January 20 and July 20 of each year, commencing on July 20, 2018. The maturity date of the Dollar Notes is January 20, 2026. The Floating Rate Notes will be redeemable, in whole or in part, on or after May 3, 2018, the 2023 Fixed Rate Euro Notes will be redeemable, in whole or in part, on or after November 3, 2019, the 2025 Fixed Rate Euro Notes will be redeemable, in whole or in part, on or after November 3, 2020, and the Dollar Notes will be redeemable, in whole or in part, on or after November 3, 2020, in each case, at the redemption prices set out in this Offering Memorandum (which in the case of the Floating Rate Notes will be 100% of the aggregate principal amount, unless such redemption occurs between May 3, 2018 and November 3, 2018, and is funded with the proceeds of public indebtedness, in which case the redemption price will be 101% of the aggregate principal amount). In addition, some or all of the Floating Rate Notes may be redeemed prior to May 3, 2018, some or all of the 2023 Fixed Rate Euro Notes may be redeemed prior to November 3, 2019, some or all of the 2025 Fixed Rate Euro Notes may be redeemed prior to November 3, 2020, and some or all of the Dollar Notes may be redeemed prior to November 3, 2020, in each case, at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, plus the applicable ‘‘make-whole’’ premium, as described in this Offering Memorandum. Before November 3, 2019, in the case of the 2023 Fixed Rate Euro Notes, November 3, 2020, in the case of the 2025 Fixed Rate Euro Notes, and November 3, 2020, in the case of the Dollar Notes, up to 40% of the aggregate amount of the applicable series of Notes may be redeemed with the net proceeds of certain equity offerings at the redemption prices set forth in this Offering Memorandum. Further, on one or more occasions prior to November 3, 2019, in the case of the 2023 Fixed Rate Euro Notes, prior to November 3, 2020, in the case of the 2025 Fixed Rate Euro Notes, and prior to November 3, 2020, in the case of the Dollar Notes, Wind Tre may redeem, during each 12 month period commencing with the Issue Date, up to 10% of the then outstanding aggregate principal amount of each of the 2023 Fixed Rate Euro Notes, 2025 Fixed Rate Euro Notes or the Dollar Notes at a redemption price equal to 103% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest and additional amounts, if any. If Wind Tre undergoes a change of control while its consolidated net leverage is above a specified threshold or sells certain of its assets, Wind Tre may be required to make an offer to purchase the applicable Notes. In the event of certain developments affecting taxation, Wind Tre may redeem all, but not less than all, of the Notes. Joint Global Coordinators and Physical Bookrunners Euro Deutsche Bank BofA Merrill Lynch HSBC USD BofA Merrill Lynch Deutsche Bank HSBC Joint Bookrunners Banca IMI Barclays BNP PARIBAS Citigroup Cr´edit Agricole CIB Credit Suisse Goldman Sachs ING J.P. Morgan Mediobanca Mizuho Securities MUFG International Natixis Nomura SMBC Nikko Soci´et´e G´en´erale UniCredit Bank The date of this Offering Memorandum is November 3, 2017. The Notes will be senior secured obligations of Wind Tre and will rank pari passu in right of payment to all of Wind Tre’s existing and future senior http://www.oblible.comindebtedness that is not expressly subordinated in right of payment to the Notes, including Wind Tre’s obligations under the New Senior Credit Facilities and certain hedging obligations, and will rank senior in right of payment to all of Wind Tre’s existing and future indebtedness that is expressly subordinated to the Notes. The Notes will be effectively subordinated to all of the existing and future indebtedness of Wind Tre that is secured by property and assets that do not also secure the Notes, to the extent of the value of such property and assets securing such indebtedness. The Notes will be guaranteed on a senior basis (the ‘‘Note Guarantees’’) by Wind Acquisition Finance S.A. (‘‘WAF’’ or the ‘‘Guarantor’’). The Note Guarantees will rank pari passu in right of payment to all of WAF’s existing and future senior indebtedness that is not expressly subordinated in right of payment to the Note Guarantees, including WAF’s obligations under the New Senior Credit Facilities and certain hedging obligations, and will rank senior in right of payment to all of WAF’s existing and future indebtedness that is expressly subordinated to the Note Guarantees. The Note Guarantees will be effectively subordinated to all of the existing and future indebtedness of Wind Tre and WAF that is secured by property and assets that do not also secure the Note Guarantees, to the extent of the value of such property and assets securing such indebtedness. Upon issuance, the Notes will be secured by first-priority liens on the same assets that secure Wind Tre’s obligations under the New Senior Credit Facilities and certain hedging obligations. This Offering Memorandum includes information on the terms of the Notes and the Note Guarantees, including redemption and repurchase prices, security, covenants and transfer restrictions. There is currently no public market for the Notes. Application has been made to list the Notes on the Official List of the Luxembourg Stock Exchange (the ‘‘Exchange’’) and to admit the Notes to trading on the Euro MTF Market of the Exchange (the ‘‘Euro MTF Market’’). The Euro MTF Market of the Exchange is not a regulated market within the meaning of the provisions of Directive 2004/39/EC on markets in financial instruments. This Offering Memorandum constitutes a prospectus for purposes of Part IV of the Luxembourg law on prospectuses for securities, dated July 10, 2015, as amended. Application has also been made to list the Notes on the Vienna Stock Exchange and to admit the Notes to trading on the Third Market (MTF) operated by the Vienna Stock Exchange (the ‘‘Third Market (MTF)’’). The Third Market (MTF) is not a regulated market within the meaning of the provisions of Directive 2004/39/EC on markets in financial instruments. Investing in the Notes involves a high degree of risk. See ‘‘Risk Factors’’ beginning on page 42. The Notes, the Note Guarantees and the Receipts (as defined below) have not been and will not be registered under the U.S. federal securities laws or the securities laws of any other jurisdiction. The Notes are being offered and sold only to qualified institutional buyers in accordance with Rule 144A under the U.S.
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