Telefonica to price €750 million bonds exchangeable into shares of Telecom Italia

By Rebecca Melvin

New York, July 16 – Telefonica SA plans to sell €750 million mandatory bonds exchangeable into shares of Telecom Italia SpA.

The bonds with a €100,000 par were being talked to yield 5.25% to 6% with an initial conversion premium of 20% to 25% over the reference price. Final terms were expected to be set late Wednesday or Thursday following bookbuilding directed exclusively to qualified investors.

HSBC Bank plc, J.P. Morgan Securities plc and Societe Generale were acting as joint global coordinators and joint bookrunners.

Proceeds will be used for general corporate purposes.

The company will apply to list the bonds on the open market of the Frankfurt Stock Exchange.

Telefonica is a Madrid based broadband and telecommunications provider.

Telecom Italia is an Italian telecommunications company.

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