Telefonica accepts €1 billion of tendered notes from two series

By Marisa Wong

Los Angeles, Feb. 1 – Telefonica Europe BV announced the final results of its Jan. 25 invitation to 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.

Holders had tendered €537.2 million of the September 2023 callable securities, €387.6 million of which were accepted (using a proration factor of 75.915%) for purchase at €99,500 per €100,000 principal amount; and €612.4 million of the March 2024 callable securities, all of which were accepted for purchase at €101,600 per €100,000 principal amount.

Settlement is expected to occur on Feb. 3, subject to the new financing condition being satisfied or waived. The company had priced new hybrid notes totaling €1 billion, as previously reported.

All notes repurchased under the tender offer will be canceled.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.