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Telefonica accepts tenders for £128.2 million, €232 million of notes
By Marisa Wong
Los Angeles, Feb. 4 – Telefonica SA subsidiary Telefonica Europe BV announced the final results of its cash tender offer to purchase any and all of its £171.5 million 6¾% undated seven-year non-callable deeply subordinated guaranteed fixed-rate reset securities (ISIN: XS0997326441) and its €292.7 million 7 5/8% undated eight-year non-callable deeply subordinated guaranteed fixed-rate reset securities (ISIN: XS0972588643) guaranteed by Telefonica.
Telefonica Europe accepted for purchase £128.2 million of the 6¾% sterling-denominated notes and €232 million of the 7 5/8% euro-denominated notes, according to a press release.
The offer began on Jan. 27 and expired at 11 a.m. ET on Feb. 3. Settlement is expected on Feb. 6.
The purchase price is £104,571 per £100,000 note for the 6¾% notes and €112,313 per €100,000 note for the 7 5/8% notes.
Holders will also receive accrued interest.
Telefonica had said the purpose of the offer is, amongst other things, to proactively manage its hybrid capital.
The offer also gives noteholders the opportunity to switch into new notes ahead of upcoming first call dates.
The first reset date for the 6¾% notes is Nov. 26, 2020, and the first reset date for the 7 5/8% notes is Sept. 18, 2021.
Telefonica intends to issue new euro-denominated undated 7¼-year non-callable deeply subordinated guaranteed fixed-rate reset securities.
The tender offer is subject to settlement of the new issue, as previously reported.
Following settlement of the tender offer, more than 80% of the original principal amount of each series of existing notes will have been purchased. Under the terms of the notes, the issuer will have the option to redeem the remaining notes at par plus accrued interest. The issuer said it intends to exercise this option.
The telecommunications group is based in Madrid.
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