Spanish operator Telefonica has priced €1bn of eight-year notes at par.
The bond carries a 3.961% coupon and is being issued under Telefonica’s guaranteed euro medium term note programme.
Banca IMI, Barclays, BBVA, Citigroup, Lloyds…
Spanish operator Telefonica has priced €1bn of eight-year notes at par.
The bond carries a 3.961% coupon and is being issued under Telefonica’s guaranteed euro medium term note programme.
Banca IMI, Barclays, BBVA, Citigroup, Lloyds and Mitsubishi UFJ are lead managers.
The notes are set to close on 27 March and the proceeds will be used for a bond buyback.
Telefonica said it has submitted a cash tender offer to holders of its £500m (€580m) debt instrument, which has a coupon of 5.888% and is set to mature next year.
Earlier this week the telco announced a £100m (€115m) buy back to be managed by Barclays for a number of its 5.88% notes due 31 January 2014. Notes purchased through this tender offer will be exchanged for the new 3.961% notes issued this week.
Telefonica cut its net debt from €56bn to €51.3bn between Q3 and Q4 after selling assets and refinancing. This year the Madrid-based operator aims to cut its debt pile still further, to €47bn.
