Telefonica Europe issues clean-up call for subordinated notes

By Mary-Katherine Stinson

Lexington, Ky., Sept. 11 – Telefonica Europe BV issued a clean-up call for its remaining outstanding undated 10-year non-call deeply subordinated guaranteed fixed-rate reset securities (ISIN: XS1050461034) guaranteed by Telefonica, SA, as over 80% of the principal has been previously repurchased and canceled, according to a notice.

The securities will be redeemed on Oct. 11 at par plus any accrued interest.

The clean-up call follows the purchase of €612.4 million of the securities on Feb. 3 and €242.4 million on Sept. 8, leaving €145.2 million, or 14.52%, remaining. The original issue was €1 billion.

The securities will be delisted from Euronext Dublin.

Telefonica is a Madrid-based telecom.

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