Davis Polk Advises Spanish Telecom On $3.5B Debt Offering

Law360, New York (March 20, 2017, 6:50 PM EDT) -- The Spanish telecommunications company Telefonica SA and one of its affiliates turned to Davis Polk & Wardwell LLP for a debt offering that raised $3.5 billion for its general corporate purposes, according to the firm and securities filings.

Telefonica Emisiones SAU, a unit of the telecom firm, issued $1.5 billion in fixed-rate senior notes maturing in 2027 and $2 billion in similar notes due in 2047, a prospectus filed with the U.S. Securities and Exchange Commission showed. The bonds are guaranteed by the shell company’s parent,...
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