Telefónica shuns bonds for Vivo bid in quest for Eu8bn

Spain’s Telefónica raised the possibility of a rare medium-term jumbo takeover loan this week, and with it signalled the return of the loan market to major acquisition financing.

  • 09 Jul 2010

The telecoms group has asked banks for Eu8bn to help it take control of Vivo, Brazil’s biggest mobile phone operator, eschewing the bond market which for some time has been the major source of takeover funding in Europe.

Telefónica, rated Baa1/A-/A-, wants the deal split between a Eu5bn three ...

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