Telefonica to redeem remaining deeply subordinated securities May 7

By Angela McDaniels

Tacoma, Wash., March 19 – Telefonica Europe BV will redeem all of its undated five-year non-callable deeply subordinated guaranteed fixed-rate reset securities on May 7, according to a company filing with the London Stock Exchange.

The outstanding securities will be redeemed in whole at their aggregate principal amount together with any accrued interest.

The clean-up call follows the purchase of €586.5 principal amount of the securities on March 15 through a tender offer.

Of the €850 million principal amount of securities issued, €118.3 million principal amount, or 13.92%, remains outstanding.

The securities are guaranteed on a subordinated basis by Madrid-based Telefonica, SA.

Telefonica Europe is a Slough, England-based broadband and telecommunications company.

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