Spanish incumbent Telefonica has begun talks with a number of banks to form a syndicate as it looks to refinance €5bn (US$6.86bn) of its debt.
The talks started at the beginning of the week, a person familiar with the matter told TelecomFinance.
The…
Spanish incumbent Telefonica has begun talks with a number of banks to form a syndicate as it looks to refinance €5bn (US$6.86bn) of its debt.
The talks started at the beginning of the week, a person familiar with the matter told TelecomFinance.
The company is looking to improve the terms of a €3bn (US$4.1bn) loan that was used to purchase Brazilian operator Vivo in 2010 and push out the maturity to 2020, local newspaper Expansion reported citing financial sources.
The operator also plans to use €2bn (US$2.76bn) from the sale of Telefonica Czech Republic, set to close within weeks, to attack its debt pile. In its Q3 results it revealed net debt of €46bn (US$63.1bn).
