TEF launches long-awaited mando to fund E-Plus buy

By Andrew Griffin
11 Sep 2014

Spanish telecom firm Telefónica raised €1.5bn through a long-awaited mandatorily convertible bond on Wednesday night, the last part of a suite of financing for a takeover.

The 2017 bonds will pay a coupon of 4.9%, and have a conversion premium of 22.5%. They were launched with initial coupon guidance of 4.5%-5.0%, and a conversion premium range of 20%-25%.

Bank of America Merrill Lynch, Goldman Sachs, Morgan Stanley and UBS were joint lead managers and ...

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