Information  X 
Enter a valid email address

Telefonica Europe (51XL)

  Print      Mail a friend

Wednesday 21 March, 2018

Telefonica Europe

Tender Offer Indicative Results Announcement

RNS Number : 4328I
Telefonica Europe B.V.
21 March 2018
 

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (the "United States") OR TO ANY U.S. PERSON (AS DEFINED BELOW) OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

21 March 2018

TELEFÓNICA EUROPE B.V. ANNOUNCES INDICATIVE RESULTS OF THE TENDER OFFERS

 

On 13 March 2018, Telefónica Europe B.V. (the "Issuer") launched separate invitations to holders of its outstanding (i) EUR 1,125,000,000 Undated 5 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities, (ii) EUR 850,000,000 Undated 5 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities, (iii) EUR 750,000,000 Undated 6 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities, (iv) GBP 600,000,000 Undated 7 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities, (v) EUR 625,000,000 Undated 8 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities, and (vi) EUR 1,000,000,000 Undated 10 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities (each a "Series" and together the "Notes") irrevocably guaranteed by Telefónica, S.A. (the "Guarantor"), to tender such Notes for purchase by the Issuer for cash (each such invitation an "Offer" and together the "Offers"). The Offers were made on the terms and subject to the conditions contained in the tender offer memorandum dated 13 March 2018 (the "Tender Offer Memorandum") and are subject to the offer restrictions more fully described in the Tender Offer Memorandum.

Capitalised terms used and not otherwise defined in this announcement have the meanings given in the Tender Offer Memorandum.

The Issuer intends to accept an amount equivalent to EUR 1,776,575,600 in principal amount of the Notes, of which the Issuer intends to accept an amount equivalent to EUR 1,124,875,600 in principal amount of the Priority 2 Notes and the indicative results of the Offers are as follows:

Description of Notes

ISIN

First Reset Date

Aggregate Principal Amount Outstanding

Purchase Price

Benchmark Rate

Indicative pro-ration factor (if any)

Fixed Spread (basis points)

Priority

Indicative Series Acceptance Amount











EUR 1,125,000,000 Undated 5 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities (the "EUR 2018 Notes")

Current Coupon: 6.50%

XS0972570351

18/9/2018

EUR 1,125,000,000

EUR 103,187.67 per EUR 100,000

N/A

N/A

N/A

1

EUR 651,700,000

Description of Notes

ISIN

First Reset Date

Aggregate Principal Amount Outstanding

Purchase Price

Benchmark Rate

Indicative pro-ration factor (if any)

Fixed Spread (basis points)

Priority

Indicative Series Acceptance Amount

EUR 850,000,000 Undated 5 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities (the "EUR 2019 Notes")

Current Coupon: 4.20%

XS1148359356

4/12/2019

EUR 850,000,000

To be determined

EUR 2019 Notes Interpolated Mid-Swap Rate

31.57%

60bps

2

EUR 145,200,000

EUR 750,000,000 Undated 6 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities (the "EUR 2020 Notes")

Current Coupon: 5.00%

XS1050460739

31/3/2020

EUR 750,000,000

To be determined

EUR 2020 Notes Interpolated Mid-Swap Rate

40.00%

65bps

2

EUR 158,200,000

GBP 600,000,000 Undated 7 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities (the "GBP Notes")

Current Coupon: 6.75%

XS0997326441

26/11/2020

GBP 600,000,000

To be determined

GBP Notes interpolated Mid-Swap Rate

100%

95bps

2

GBP 428,500,000

EUR 625,000,000 Undated 8 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities (the "EUR 2021 Notes")

Current Coupon: 7.625%

XS0972588643

18/9/2021

EUR 625,000,000

To be determined

EUR 2021 Notes  Interpolated Mid-Swap Rate

100%

100bps

2

EUR 332,300,000

EUR 1,000,000,000 Undated 10 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities (the "EUR 2024 Notes")

Current Coupon: 5.875%

XS1050461034

31/3/2024

EUR 1,000,000,000

To be determined

EUR 2024 Notes  Interpolated Mid-Swap Rate

0.00%

195bps

2

EUR 0

If the Issuer decides to accept any GBP Notes for purchase, it will do so on the basis that the GBP/EUR exchange rate is GBP 1 = EUR 1.1416, as shown on Bloomberg Page BFIX as at the Expiration Deadline.

Pricing for the Offers will take place at or around 1.00pm (CET) today. As soon as practicable after Pricing Time, the Issuer will announce whether it intends to accept valid tenders of any Notes for purchase pursuant to any or all of the Offers subject only to the satisfaction of the New Financing Condition and, if so accepted, the final results of the Offers.

Subject to the satisfaction (or waiver) of the New Financing Condition, the expected Settlement Date is 23 March 2018.

Full details concerning the Offers are set out in the Tender Offer Memorandum.

Banco Bilbao Vizcaya Argentaria, S.A. (Telephone: +44 20 7648 7516; Email: [email protected]; Attention: Liability Management), BNP Paribas (Telephone: +44 20 7595 8668; Email: [email protected]; Attention: Liability Management Group), Citigroup Global Markets Limited (Telephone: +44 20 7986 8969; Email: [email protected]; Attention: Liability Management Group),  Société Générale (Telephone: +33 142 13 32 40; Email: [email protected]; Attention: Liability Management) and The Royal Bank of Scotland plc (trading as NatWest Markets) (Telephone: +44 20 7085 6124; Email: [email protected]; Attention: Liability Management) are acting as Dealer Managers and  Lucid Issuer Services Limited (Telephone: +44 20 7704 0880; Email: [email protected]; Attention: David Shilson) is acting as Tender Agent.

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014 ("MAR").

FOR THE PURPOSES OF MAR AND ARTICLE 2 OF COMMISSION IMPLEMENTING REGULATION (EU) 2016/1055, THIS ANNOUNCEMENT IS MADE BY Carlos David Maroto Sobrado and Maria Christina van der Sluijs - Plantz, DIRECTORS OF TELEFÓNICA EUROPE B.V.

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire or sell any securities is being made pursuant to this announcement. The Dealer Managers do not take responsibility for the contents of this announcement. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Tender Offer Memorandum come into are required by each of the Issuer, the Guarantor the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
RTEUARRRWAAOUAR

a d v e r t i s e m e n t