We advised Telefónica on its tender offer for three series of notes

Davis Polk advised Telefónica, S.A. in connection with the tender offer by two of its wholly owned subsidiaries, Telefónica Emisiones, S.A.U. and Telefónica Europe B.V., for up to $500 million aggregate principal amount of Telefónica Emisiones’s 4.665% notes due 2038 and 4.103% notes due 2027, and Telefónica Europe’s 8.250% notes due 2030, subject to certain relevant acceptance priority levels and sub-caps. 

Telefónica is an NYSE-listed company and one of the largest telecommunications service providers in the world. The company offers fixed and mobile connectivity as well as a wide range of digital services for residential and business customers. With more than 384 million customers, Telefónica operates in Europe and Latin America.

The Davis Polk corporate team included partner Michael J. Willisch and counsel Ester del Valle Izquierdo. Partner Kara L. Mungovan, counsel Alon Gurfinkel and associates Kelli A. Rivers and Valentin Van der Walle provided tax advice. Counsel Charles Shi provided ERISA advice. Members of the Davis Polk team are based in the Madrid, London and New York offices.