Telefonica offers to buy up to €1 billion of notes from two series

By Marisa Wong

Los Angeles, Jan. 25 – Telefonica Europe BV announced it is inviting holders of its outstanding €1.25 billion undated 5.7-year non-call deeply subordinated guaranteed fixed-rate reset securities first callable in September 2023 (ISIN: XS1795406575) and €1 billion undated 10-year non-call deeply subordinated guaranteed fixed-rate reset securities first callable in March 2024 (ISIN: XS1050461034) guaranteed by Telefonica, SA to tender their notes for purchase for cash, up to a maximum aggregate principal amount of €1 billion.

The issuer set the maximum amount after pricing new hybrid notes totaling €1 billion.

HSBC Continental Europe (+44 20 7992 6237; LM_EMEA@hsbc.com), MUFG Securities (Europe) NV (+33 1 70 91 42 55; Liability.Management@mufgsecurities.com) and NatWest Markets NV (+44 20 7085 6124; liabilitymanagement@natwestmarkets.com) are dealer managers for the tender offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; telefonica@is.kroll.com; attn.: Jacek Kusion) is tender agent.

Telefonica is a Madrid-based telecom.

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