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Davis Polk Advises Telefónica on Its $3.5 Billion SEC-Registered Debt Offering
3/17/2017

Davis Polk advised Telefónica, S.A. and Telefónica Emisiones, S.A.U. on the SEC-registered $3.5 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 two series of notes: $1.5 billion principal amount of fixed-rate senior notes due 2027 and $2 billion principal amount of fixed-rate senior notes due 2047.

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 Sonia Rodríguez. Partner John D. Paton 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.