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Spain’s Telefonica calls deeply subordinated guaranteed notes
Chicago, Nov. 28 – Telefonica Europe BV is exercising its call option for its €1 billion undated 5.5-year non-call deeply subordinated guaranteed fixed-rate reset securities (ISIN: XS1731823255), according to an announcement.
The notes are guaranteed on a subordinated basis by Telefonica, SA.
The issuer is able to call the notes due to a substantial purchase event.
On Nov. 24, Telefonica purchased €547.4 million of the bonds, leaving €129 million of the bonds outstanding, or 12.9% of the securities originally issued.
The repurchase of the securities was the result of a recently concluded tender offer.
The company is calling the remaining securities at par with interest.
The redemption date is Dec. 27.
The telecommunications group is based in Madrid.
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