Telefonica has secured a €2.5bn (US$2.8bn) syndicated facility agreement to replace a 2012 revolving credit facility of the same amount, which was due to mature in 2017.
The new five-year, single-tranche facility has two extension options at the…
Telefonica has secured a €2.5bn (US$2.8bn) syndicated facility agreement to replace a 2012 revolving credit facility of the same amount, which was due to mature in 2017.
The new five-year, single-tranche facility has two extension options at the request of Telefonica, which could stretch the loan until 2022.
The Spanish incumbent has also amended a €3bn syndicated facility agreement it signed in February last year to improve the terms and add two extension options that could push out the maturity date to 2021.
Telefonica did not disclose which banks provided its latest facility but said several Spanish and international institutions participated.
The bookrunners and mandated lead arrangers on the amended €3bn facility signed in 2014 were BBVA, Santander, BofA Merrill Lynch, Barclays, Bayerishe LB, BNP Paribas, CaixaBank, Citi, Commerzbank, Credit Agricole, Goldman Sachs, HSBC, Intesa SanPaolo, JP Morgan, Mediobanca, Mizuho, Societe Generale, Sumitomo, Bank of Tokyo-Mitsubishi, RBS, UBS and Unicredit.
In its last quarterly results Telefonica disclosed net debt of €44.9bn following its acquisition of German operator E-Plus. Its net debt to OIBDA ratio stood at 2.52 times.
