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Telefonica accepts tenders of €1.1 billion of 4¾% undated notes
By Mary-Katherine Stinson
Lexington, Ky., March 14 – Telefonica, SA’s wholly owned subsidiary Telefonica Europe BV concluded its debt tender offer to purchase for cash its €1.3 billion undated six-year non-call deeply subordinated guaranteed fixed-rate reset securities (ISIN: XS1933828433) guaranteed by Telefonica, according to a 6-K filing with the Securities and Exchange Commission.
Telefonica reported that €1,096,600,000 of the notes were tendered and accepted for purchase by the expiration of the offer.
The notes currently bear interest at 4¾% and have a first call date of Dec. 14, 2024.
The company offered to purchase the notes at par plus accrued interest, up to a maximum principal amount equal to a total principal amount of new euro-denominated undated 8.1-year non-call deeply subordinated guaranteed fixed rate reset securities also guaranteed by Telefonica.
The offer expired at 11 a.m. ET on March 13.
Settlement is expected for March 18. Following that, the notes will be subject to a clean-up call, as more than 75% of the principal will have been repurchased and canceled.
The purpose of the offer was to proactively manage Telefonica’s layer of hybrid capital while also providing noteholders with the opportunity to switch to the new notes ahead of the upcoming first call date.
Telefonica is a telecommunications company based in Madrid.
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