Davis Polk & Wardwell LLP advised Telefónica, S.A. and Telefónica Emisiones, S.A.U. on an SEC-registered $2 billion aggregate principal amount off-the-shelf notes offering by Telefónica Emisiones, S.A.U., fully guaranteed by Telefónica, S.A. The offering consisted of $750 million aggregate principal amount of 4.665% fixed-rate senior notes due 2038 and $1.25 billion aggregate principal amount of 4.895% fixed-rate senior notes due 2048.

Telefónica is a diversified telecommunications group that provides a comprehensive range of services through one of the world’s largest and most modern telecommunications networks. Telefónica is the leading provider of fixed-line telephone, wireless communications, Internet access and data transmission services in Spain and in several Latin American markets.

The Davis Polk corporate team included partner Michael J. Willisch and associate Thomas K. Wiesner II. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Associate Jennifer Wang provided 1940 Act advice. Members of the deal team are based in the Madrid, London and New York offices.

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