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Telefonica Europe selling benchmark euro-denominated perpetual notes in two tranches
By Paul A. Harris
Portland, Ore., March 13 – Telefonica Europe BV is in the market with a benchmark euro-denominated two-part offering of perpetual deeply subordinated notes (Ba2/BB+/BB+), according to a market source.
The deal includes a tranche of notes which come with call protection until Dec. 4, 2023, talked with an annual yield in the 3¼% area, with a 25 basis points step-up if they remain outstanding in December 2028 and a 75 bps step-up if they remain outstanding in December 2043.
In addition, there are notes with call protection until Sept. 22, 2026, talked with an annual yield in the 4 1/8% area, with a 25 bps step-up if they remain outstanding in September 2028 and a further 75 bps step-up if they remain outstanding in September 2046.
Tranche sizes remain to be announced.
Pricing is set for Tuesday.
Active bookrunner BNP Paribas will bill and deliver for the Regulation S deal. BBVA, Citigroup, HSBC, Mizuho, NatWest Markets, SG CIB and UniCredit are also active bookrunners.
Banca IMI, CaxiaBank and Santander are the passive bookrunners.
The Slough, U.K.-based broadband and telecommunications company plans to use the proceeds for general corporate purposes, including the preservation of its liquidity cushion, and debt and hybrid securities refinancing.
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