TEF launches long-awaited mando to fund E-Plus buy
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 ...Already a subscriber? Login